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Egypt index gains, led by Mobinil - Daily News Egypt

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Egypt index gains, led by Mobinil

Egypt’s main index rebounded from losses over the last three days, led by Mobinil, which rose steadily during the session. Mobinil ended 3.1 percent higher and the index 0.7 percent higher. Telecom firms had borne the brunt of uncertainty surrounding the possible sale of all or part of Orascom Telecom’s operations to South Africa’s MTN. …


Egypt’s main index rebounded from losses over the last three days, led by Mobinil, which rose steadily during the session.

Mobinil ended 3.1 percent higher and the index 0.7 percent higher. Telecom firms had borne the brunt of uncertainty surrounding the possible sale of all or part of Orascom Telecom’s operations to South Africa’s MTN.

The market was boosted after hitting a support level and by news of a agreement on a bailout of Greece on a day of slow trade because of a holiday in London, traders said, but it may decline in coming days.

"I think the market is going lower," said Ashraf Akhnoukh of CIBC Brokerage, adding that the market has been tracking Orascom, which looks set to fall.

Orascom, which ended 0.7 percent lower at LE 6.74, was trading below LE 5.80 before talk began last month that it had found a buyer for its troubled Algeria unit, says Akhnoukh.

Algeria last week said it may block a deal Orascom was negotiating with MTN, which means Orascom may decline further, Ahknoukh said.

"Orascom is the name of the game," he added.

Commercial International Bank gained 1.2 percent.

The EGX30 closed at 7,324 points. –Reuters

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https://www.dailynewsegypt.com/2010/05/03/egypt-index-gains-led-by-mobinil/
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