Egyptian Stocks: Orascom Development and Nile Cotton Ginning

Egypt’s benchmark EGX 30 Index (EGX30) advanced 0.5 percent to 4,446.18 at 11:51 a.m. in Cairo, heading for the highest close this month.

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

Nile Cotton Ginning (NCGC) Co retreated 1.6 percent to 7.4 Egyptian pounds, poised for the biggest daily loss this month. The Cairo-based cotton and food producer said its net loss for the three months that ended Sept. 30 widened by almost half to 6.65 million pounds ($1.1 million) compared with a year earlier.

Orascom Development Holding AG (ODHN) lost 1.6 percent to 5.4 pounds, heading for the lowest close in almost a month. The Swiss resorts developer lowered its guidance for the 2011 margin on earnings before interest, taxes, depreciation and amortization to between 2 percent and 4 percent as hotel occupancy declined.