Egypt’s benchmark EGX 30 Index increased 1.3 percent to 3,920.17 at the 2:30 p.m. close in Cairo, the highest level in six weeks.
The following were among the most-active equities on the Egyptian Exchange today. Stock symbols follow company names.
Housing & Development Bank (HDBK EY) declined 1.8 percent to 10.61 Egyptian pounds, the lowest level since December 2006. The Cairo-based bank is targeting a profit of 296.7 million pounds ($49 million) this year as it adopts a “conservative” lending policy, leading to 7.7 percent growth in its loans portfolio.
Orascom Telecom Holding SAE (ORTE EY) surged 51 percent to 2.62 pounds. The stock soared on speculation the Cairo-based mobile phone company was undervalued after it split into two and it resumed trading after a two-month suspension.
Shareholders approved dividing Orascom Telecom to facilitate a $6.5 billion merger between parent Wind Telecom SpA and Russia’s VimpelCom Ltd. Orascom Telecom Media and Technology Holding SAE, the split-off entity which isn’t included in the merger and controls the former Egyptian and North Korean assets of Orascom Telecom, slumped 28 percent to 90 piasters.