Egypt index ends flat on global woes

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CAIRO: Egypt’s main index ended almost flat with traders expecting negative investor sentiment to remain as a global slump of world stocks continues.

Telecom firms Mobinil and Orascom Telecom (OT) weighed on the market on fears Greece’s debt struggle could crush other European economies.

"The market’s performance is conditional upon global market’s performance in the US and Europe and OT results tomorrow," Ashraf Akhnoukh from Commercial International Brokerage Company said. "The sentiment in general is negative."

OT, due to release its Q1 results on Thursday, slid 0.3 percent. The stock has lost almost a quarter of its value since Algeria said on April 28 it would block an attempt by Orascom to sell its Algerian Djezzy unit to South Africa’s MTN.

Orascom’s executive chairman said Djezzy’s head met with the Algerian finance minister. Orascom also signed a final deal with France Telecom to settle a dispute over jointly held mobile firm Mobinil.

Mobinil slid 2.4 percent while Telecom Egypt inched up 0.4 percent and steel magnate Ezz Steel dropped 1.7.

Big cap Commercial International Bank gained 3.6 percent. The bank will release its Q1 results on Thursday.

The EGX30 index closed 0.2 percent higher at 6,836 points.

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By Reuters
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