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Egypt declines as OT and Greece weigh - Daily News Egypt

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Egypt declines as OT and Greece weigh

Egypt’s main index ended below 7,200 points for the first time since early April, hit by a sell-off on heavyweight Orascom Telecom (OT) and negative global sentiment. OT ended 7.3 percent lower as investors, believing a sale of assets is unlikely to proceed quickly, booked profits and exited leveraged positions, traders said. OT rose sharply …


Egypt’s main index ended below 7,200 points for the first time since early April, hit by a sell-off on heavyweight Orascom Telecom (OT) and negative global sentiment.

OT ended 7.3 percent lower as investors, believing a sale of assets is unlikely to proceed quickly, booked profits and exited leveraged positions, traders said.

OT rose sharply earlier this month on talk it would sell its Algerian unit, but the shares have pared much of those gains since the Algerian government expressed its opposition to the sale.

European indexes slipped to a two-month closing low on Tuesday as fear of eurozone contagion from Greece’s sovereign debt crisis persists. US indexes are also seen opening lower.

Traders say foreign investors contributed heavily to the selling pressure in a high volume session.

Pioneers Holding shed 8.3 percent and Mobinil dipped 1.1 percent.

The index ended down 2.3 percent at 7,176 points.

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https://www.dailynewsegypt.com/2010/05/05/egypt-declines-as-ot-and-greece-weigh/
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