Egyptian Stocks: Orascom Telecom, Telecom Egypt, Sharkia

Egypt’s benchmark EGX 30 Index (EGX30) decreased for the first time in more than a week, dropping 1.3 percent to 4,193.95 at 12:07 p.m. in Cairo.

The following shares rose or fell. Symbols are in parentheses.

Orascom Telecom Holding SAE (ORTE) dropped 1.6 percent, poised for the biggest daily decline in more than a week, to 3.18 Egyptian pounds. VimpelCom Ltd. (VIP) extended to Nov. 15 an agreement with Weather Investments SpA, the parent company of Orascom Telecom, that requires Weather to pay VimpelCom compensation should their joint Algerian unit Djezzy be taken into state ownership by Algeria, Kommersant newspaper reported, citing a filing to the U.S. Securities and Exchange Commission.

Telecom Egypt (ETEL) lost 1.7 percent, the biggest intraday decline since Oct. 10, to 14.72 pounds. A strike by employees demanding the resignation of Chief Executive Officer Mohammed Abdel Rehim has spread to 37 branches, Al Mal reported.

Sharkia National Food (SNFC) an Egyptian food producer, jumped 5.1 percent to 4.96 pounds, the highest intraday level in three weeks. Savola (SAVOLA) Al-Azizia United Co., a Saudi Arabian food producer, said its Egyptian unit agreed to buy 78 percent of two Egyptian food companies, al-Malika and al-Farasha, for 556.5 million pounds ($93 million).