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Egyptian Stocks: Orascom Construction and Orascom Development

Jan. 23 (Bloomberg) -- Egypt’s benchmark EGX30 Index lost less than 0.1 percent to 6,696.88 at the 2:30 p.m. close in Cairo.

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

Orascom Construction Industries (OCIC EY) advanced 0.7 percent, the most in more than a week, to 274.12 Egyptian pounds. Egypt’s largest publicly traded builder may benefit from an expected depreciation in the pound this year as a result of political unrest in Tunisia, Cairo-based investment bank CI Capital said in a research report.

Orascom Development Holding AG (ODHN EY) declined 0.9 percent to 15.94 pounds, the lowest level in three months. Apartments built by the resorts developer in Andermatt, Switzerland have been selling slowly since entering the market nine months ago, Tages-Anzeiger reported, without saying where it got the information.

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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