Emerging-market stocks rose for the first time in four days as Samsung Electronics Co. led a surge in technology shares. Malaysia’s ringgit climbed to the highest level in four months amid deficit reduction measures.
Egyptian stocks slid the most since August on concern the trial of former President Mohamed Mursi will trigger the return of political instability and after the benchmark jumped to the highest level in more than two years.
Six of October Development & Investment Co. and Palm Hills Developments SAE, two Egyptian luxury real-estate companies, said they may make separate bids for a plot of land on the outskirts of Cairo in a government auction in July.
Hamdy Fakhrany, a private Egyptian citizen, said he is seeking the annulment of a land sale in New Cairo to Palm Hills Developments SAE because of irregularities in the way it was sold by the government.
Palm Hills Developments SAE , an Egyptian real-estate developer, denied that lenders providing it with a 1.2 billion Egyptian-pound ($204 million) loan are reconsidering the deal because of the referral of the company’s chairman to trial.
Palm Hills Developments SAE , Egypt’s second-biggest publicly traded property company, is in talks to expand its bulk-sale agreement with Abu Dhabi-based Burooj Properties, according to Citigroup Inc. analyst David Spiez .
A Palm Hills Developments SAE unit said it wanted to cancel the allocation of a coastal piece of land allotted to it by the government, Alam al Youm reported, without saying how it receive the information.