Egypt News

The following stocks rose or fell in Egypt. Symbols are in parentheses.

Egyptian Gulf Bank increased for the third day, adding 3.4 percent to $1.85. The Cairo-based lender will distribute a dividend of 68 piasters per share on April 26.

Palm Hills Developments SAE declined to the lowest in a week, falling as much as 5.3 percent to 2.48 Egyptian pounds. The shares last traded at 2.52 pounds.

Egypt’s state-run New Urban Communities Authority cancelled the sale of 190 feddans (198 acres) in Sixth of October to Palm Hills, Al Mal newspaper reported, without saying where it got the information.

Six of October Development & Investment Co retreated for a third day, falling 4.5 percent to 64.9 pounds.

Egypt’s public prosecutor ordered the detention of former Housing Minister Ibrahim Soliman for 15 days over accusations he allowed “profiteering” to take place while in office, including a sale of land to the company, according to a prosecution statement.

Sodic, as the company is also known, “is not a party” to the investigation involving Soliman, the company said in an e-mailed statement.

Sodic said Rasekh owns 649 shares in the company, or 0.0017 percent, and hasn’t had an executive role since it was established in 1995.

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