Egypt Stocks: El Sewedy Electric, Orascom Development
Egypt’s benchmark EGX 30 Index (EGX30) gained 0.6 percent to 4,755.07 at the 2:30 p.m. close in Cairo, the highest level in more than a month. The measure advanced 2.5 percent this week.
The following shares rose or fell. Symbols are in parentheses.
Orascom Development Holding AG (ODHN) climbed 5.9 percent to 7.38 Egyptian pounds, the highest level since Aug. 28. Frankfurt-based Steigenberger is close to signing an agreement with Andermatt Swiss Alps to take a stake in the Alpine resort being built by Samih Sawiris, Handelszeitung reported, citing Steigenberger Chief Executive Officer Arco Buijs. Sawiris is chairman of Orascom Development.
El Sewedy Electric Co. (SWDY EY) increased 2 percent to 29.17 pounds, the highest level in more than three weeks. Today was the last day to buy the stock before a share distribution on Sept. 12. The biggest publicly traded cables company in Egypt will offer three free shares for every 10 held as of Sept. 11.
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