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Egyptian Stocks: Egyptian Kuwaiti Holding and Sodic Were Active

Jan. 20 (Bloomberg) -- Egypt’s benchmark EGX30 Index rose for the first time in five days, gaining 0.8 percent to 6,698.39 at the 2:30 p.m. close in Cairo. The gauge lost 6.4 percent this week.

The following stocks rose or fell in Egypt. Symbols are in parentheses.

Egyptian Kuwaiti Holding Co. (EKHO EY) rose 3.2 percent, the most since Nov. 2, to $1.62. Emirates Telecommunications Corp.’s bid to buy a 46 percent stake in Kuwait’s Mobile Telecommunications Co., also known as Zain, may go through by the end of the month, The National newspaper reported, citing Nasser Al Kharafi, chairman of Zain shareholder Kharafi Group.

Egyptian Kuwaiti’s parent company, Alkhair National Stocks Co. owns a 13 percent stake in Zain, according to Bloomberg data. Sherif Ibrahim, senior investment manager at Egyptian Kuwaiti, didn’t return a message left at his office.

Six of October Development & Investment Co. (OCDI EY) advanced as much as 1.9 percent, the most in more than two weeks, to 104 pounds, before closing at 102.2 pounds. The Cairo-based luxury real-estate developer was rated “overweight” and its 12-month price target set at 135 pounds in new coverage at JPMorgan Chase & Co.

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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