Egyptian Stocks: Orascom Telecom Media

Egypt’s benchmark EGX 30 Index (EGX30) added 1.7 percent to 4,708.59 at the 2:30 p.m. close in Cairo, the highest level in a month. The measure’s 17 percent surge this week narrowed its quarterly decline to 6.2 percent.

The following shares were active on the Egyptian Exchange. Stock symbols follow company names.

Housing & Development Bank (HDBK) increased 1.7 percent to 11.87 Egyptian pounds. The Cairo-based lender agreed in principle with Libya’s Bank of Commerce & Development to provide services to Egyptians in the North African country as well as starting a joint real estate company.

Orascom Telecom Media & Technology Holding SAE (OTMT) rose to the highest level in more than two months, advancing 2.1 percent to 1.48 pounds. Shareholders of the Cairo-based company are due to vote today on a dividend distribution of 1.05 pounds per share.

South Valley Cement (SVCE) gained 4.3 percent to 3.43 pounds, the highest level in more than three months. The Cairo- based producer of the building material will buy back 24.3 million shares at 3.5 pounds each.

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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