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Telecoms lift Egypt index, rally expected - Daily News Egypt

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Telecoms lift Egypt index, rally expected

CAIRO: Egypt’s leading index climbed 1.6 percent to 7,038 points, its highest level since Oct. 28, led by Orascom Telecom and Telecom Egypt. The market is being pushed by positive sentiment after the index broke through the 7,000 resistance barrier, said traders. “People are looking at 2010 being a much better year, said Mohamed Helmy …


CAIRO: Egypt’s leading index climbed 1.6 percent to 7,038 points, its highest level since Oct. 28, led by Orascom Telecom and Telecom Egypt.

The market is being pushed by positive sentiment after the index broke through the 7,000 resistance barrier, said traders.

“People are looking at 2010 being a much better year, said Mohamed Helmy from HC Securities.

“I see the market in the next few days continuing on an uptrend. Technically, if we break through the 7,300 resistance level, my outlook would be bullish for the following few weeks, he adds.

Orascom Telecom ended 3 percent higher and Telecom Egypt 3.7 percent higher.

Mobinil bucked the trend, slipping 0.8 percent. -Reuters

Topics: FJP

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https://www.dailynewsegypt.com/2010/02/03/telecoms-lift-egypt-index-rally-expected/
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