Egyptian Stocks: Orascom Construction, National Development Bank
The following shares were active on the Egyptian Exchange. Stock symbols follow company names.
Arab Polvara Spinning & Weaving Co. (APSW) increased as much as 3 percent, the most in a week, to 2.4 Egyptian pounds before trading at 2.35 pounds. The Alexandria, Egypt-based textiles manufacturer resumed operations at its factories today after workers ended a strike that demanded higher pay.
National Development Bank (DEVE) (DEVE EY) dropped 1.9 percent to 4.25 pounds, poised for its biggest daily loss in almost two weeks. The Cairo-based unit of Abu Dhabi Islamic Bank (ADIB) said its 2011 loss widened to 590.6 million pounds ($98 million) from 501.2 million pounds a year earlier.
Orascom Construction Industries (OCIC) fell 2.3 percent to 270 pounds, heading for its biggest daily loss in almost three weeks. Egypt’s biggest publicly traded developer lost a bid to build two university hospitals and a blood bank in Alexandria, Egypt, according to a finance ministry statement.
To contact the reporter on this story: Ahmed A Namatalla in Cairo at firstname.lastname@example.org
To contact the editor responsible for this story: Claudia Maedler at email@example.com