Egyptian Stocks: Orascom Telecom Media and Oriental Weavers
Egypt’s benchmark EGX30 Index (EGX30) fell for the third time in four days, declining 0.6 percent to 4,421.38 at the 2:30 p.m. close in Cairo.
The following shares were active on the Egyptian Exchange. Stock symbols follow company names.
Orascom Telecom Media & Technology Holding SAE (OTMT) climbed 4.7 percent to 1.35 Egyptian pounds, the highest level in almost three weeks. The stock surged a second day after the board recommended a dividend of 1.05 Egyptian pounds a share for the period ending June 7.
Oriental Weavers Co. (ORWE) gained as much as 1.2 percent to 16.1 pounds before closing at 15.94 pounds, the highest level in more than two weeks. The Arab country’s biggest carpets manufacturer plans to invest 200 million pounds ($33 million) on expansion projects this year including the second phase of a production facility starting in the fourth quarter, Al Borsa newspaper reported.
-- Editors: Robert Lakin, Tim Farrand
To contact the reporter on this story: Ahmed A. Namatalla in Cairo at anamatalla@bloomberg.net
To contact the editor responsible for this story: Claudia Maedler at cmaedler@bloomberg.net
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