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Egyptian Stocks: EFG-Hermes, Orascom Telecom, Heliopolis Housing

May 7 (Bloomberg) -- Egypt’s benchmark EGX30 Index rose 1.1 percent to 5,028 at the 2:30 p.m. in Cairo, the highest close since March 28.

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

EFG-Hermes Holding SAE (HRHO EY) climbed 5.2 percent, the biggest daily advance in more than a week, to 13.85 Egyptian pounds. The board of directors of the Cairo-based firm proposed paying a 4-pound dividend once the company sets up a joint-venture investment bank with Qatar’s QInvest.

Heliopolis Housing (HELI EY) dropped for the fourth time in five days, declining 1.9 percent to 15.80 pounds. The Cairo-based property developer said nine-month profit fell 33 percent to 78 million pounds ($13 million).

Orascom Telecom Holding SAE (ORTE EY) fell 1.2 percent to 3.25 pounds, the lowest close since April 9. An Algerian court delayed until May 27 a hearing for the appeal of the local unit of North Africa’s biggest mobile phone company. The unit known as Djezzy is appealing a $1.3 billion court-ordered fine for violating foreign exchange rules.

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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