CAIRO: Stocks closed higher on Thursday for the third session in a row, buoyed by positive financial results from Sidi Kerir Petrochemicals and bids and buyouts from listed Egyptian companies, traders said.
Sidi Kerir said on Thursday its net profit for 2006 had jumped 26 percent to LE 1 billion ($176 million). Traders said the results had helped the stock jump 3.1 percent to close at LE 21.38.
Stock in Paint and Chemical Industries (Pachin) also rose 11 percent to LE 54 after the stock exchange reported there was a takeover bid for the firm.
The positive results from Sidi Kerir and the offer for Pachin – all this news was very positive for the market, said Yasser Hassanein of Dynamic Securities.
Egypt s Middle East for Paint made the tender offer for 100 percent of Pachin s shares in a deal worth LE 1.06 billion pounds.
Egypt Kuwait Holding on Thursday also saw its stock rise 1.2 percent to $1.71 after a subsidiary bought plastic and melamine producer Syria Misr for $68 million.
The buoyancy in Egypt s market was in contrast to last week, when shares were hit by a global market sell-off.
The global sell-off we saw recently did not fundamentally affect Egypt s economy and that is why there s a rebound, said Ahmed El Hifnauy of EFG-Hermes brokerage.
Market titan Orascom Telecom was one of the heavyweight stocks that performed well after recent declines. Stock in the telecoms group rose 1.7 percent to LE 393 ahead of 2006 financial results due out on Sunday.