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Egypt rebounds, tracking Europe - Daily News Egypt

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Egypt rebounds, tracking Europe

CAIRO: Egypt’s main index rebounded 3.2 percent, led by Orascom Telecom, after falling on Sunday by its biggest daily amount in five months. The index closed at 6,975 points. Traders said the Egyptian market will extend its gains if the European Union’s $1 trillion global emergency rescue package succeeds in stabilizing world financial markets. "We …


CAIRO: Egypt’s main index rebounded 3.2 percent, led by Orascom Telecom, after falling on Sunday by its biggest daily amount in five months.

The index closed at 6,975 points.

Traders said the Egyptian market will extend its gains if the European Union’s $1 trillion global emergency rescue package succeeds in stabilizing world financial markets.

"We saw weakness creep in at the end of the market, but if the US rallies today then we will see a 1 percent gain at the open of next session," said Teymour El-Derini of Naeem brokerage.

Orascom Telecom climbed 2.5 percent. The stock tumbled 4 percent on Sunday, its steepest one-day loss since December, on concerns it might not be able to sell its Algerian unit for as much as was hoped.

Talaat Moustafa surged 6.2 percent, EFG-Hermes rose 7.9 percent and Orascom Construction added 4.3 percent.

Property developer Palm Hills, which said on Sunday its first quarter net profit soared 75 percent, added 1.6 percent. Citigroup started coverage of Palm Hills on Monday with a buy rating.

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https://www.dailynewsegypt.com/2010/05/10/egypt-rebounds-tracking-europe/
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