CAIRO: Egypt s benchmark Hermes index ticked up on Thursday as foreign institutional investors bought big-cap stocks that have fallen in previous sessions to levels considered cheap, traders said. The benchmark Hermes index gained 137.91 points, or 0.2 percent, to end at 57,520.09 points but the broader CIBC index ended down 0.39 points, or 0.2 percent, at 229.91 points. Orascom Construction Industries (OCI) and Orascom Telecom (OT), two of the session s most traded stocks in terms of value, rose 3 and 1.1 percent respectively during Thursday s trade. There was foreign institutional appetite in both OT and OCI because both shares have fallen to levels that a lot of investors consider cheap … These are fundamentally good stocks, said Mohamed Kotb of Prime Asset Management. OCI, which ended the day at LE 228.99 ($39.82), has fallen about 5 percent since March 2. OT, which ended the session at LE 328.21, has fallen about 4 percent in the same period. The traders added that OT had also attracted attention from investors after the firm announced that it would publish its 2005 results on Monday. Investors are expecting OT to post strong results, said Kotb. Ezz Steel Rebars, normally a popular stock with retail investors, fell LE 1.33, or 1.7 percent, to last trade at LE 77.85. The traders said retail investors were still showing some reticence after last week s market slump.
Shares up as investors bargain hunt OCI, OT
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