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Egyptian Stocks: Arab Cotton Ginning and Telecom Egypt

Oct. 27 (Bloomberg) -- Egypt’s benchmark EGX 30 Index gained for the sixth time in seven days, climbing 0.5 percent to 4,339.78 at the 2:30 p.m. close in Cairo.

The following shares rose or fell. Symbols are in parentheses.

Arab Cotton Ginning (ACGC EY) advanced for the first time in four days, increasing 1.3 percent to 3.12 Egyptian pounds. The Cairo-based cotton company will pay a 20-piaster dividend on Nov. 2 for shareholders as of Oct. 30.

Telecom Egypt (ETEL EY) retreated as much as 1.2 percent, before closing 0.5 percent lower at 14.9 pounds. A strike at the Arab country’s monopoly fixed-line phone operator has continued for almost two weeks despite the company’s announcement it would give its employees a bonus before an Egyptian public holiday, Al Alam Al Youm reported.

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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