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Egypt shares rise tracking world markets - Daily News Egypt

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Egypt shares rise tracking world markets

CAIRO: Egypt s benchmark index rose 1.5 percent, taking its cue from world markets which have rallied on recovery bets as 2010 starts, traders Saied. Orascom Telecom gained. The US had a very high session yesterday, which had an impact on all the market today, said Taymour El Derini, a trader at Naeem Holding. US …


CAIRO: Egypt s benchmark index rose 1.5 percent, taking its cue from world markets which have rallied on recovery bets as 2010 starts, traders Saied. Orascom Telecom gained.

The US had a very high session yesterday, which had an impact on all the market today, said Taymour El Derini, a trader at Naeem Holding.

US stocks had climbed broadly on Monday after a report showed manufacturing expanded for a fifth month, lifting confidence in the global economy as investors eye fourth quarter earnings.

Index heavyweight Orascom Telecom extended gains for a second session and advanced 3.8 percent to its highest closing price since Dec. 22.

The firm filed a case in court on Monday against the regulator s decision to approve France Telecom s bid to buy all of mobile operator Mobinil s shares at LE 245. Mobinil rose 0.2 percent to LE 241.

There is confusion over Orascom Telecom, which is creating a lot of volatility on the stock, Mohamed Radwan, trader at Pharos Securities, said.

Sister company Orascom Construction Industries bucked the trend and lost 1 percent on profit-taking, Derini added.

The EGX30 index closed at 6,420 points. -Reuters

Topics: FJP

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