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Egypt stock index rebounds, Talaat Moustafa leads - Daily News Egypt

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Egypt stock index rebounds, Talaat Moustafa leads

A return to risk appetite helped push Egypt’s main index up 4.4 percent on Wednesday from a 25-week low, with most stocks on the index recovering some of their losses. Egypt’s largest real estate developer Talaat Moustafa shot up 18.8 percent, rebounding from Tuesday’s losses to its highest close since May 18. An executive at …


A return to risk appetite helped push Egypt’s main index up 4.4 percent on Wednesday from a 25-week low, with most stocks on the index recovering some of their losses.

Egypt’s largest real estate developer Talaat Moustafa shot up 18.8 percent, rebounding from Tuesday’s losses to its highest close since May 18.

An executive at Talaat Moustafa Group said there was no specific news regarding the company to drive the share price higher.

"The stock is outperforming and market consensus shows the fair value is LE 9. It is now LE 8," said Sally Refaat from Pharos Securities.

Heavyweight Orascom Construction jumped 8.7 percent and Orascom Telecom 3.4 percent despite the Algerian government’s refusal to allow it to sell its Djezzy unit to South Africa Group MTN.

US stock indices moved into positive territory late on Tuesday. "Egypt’s index follows the global market, but positive news on a local level is needed to maintain this rally," said Hashem Ghoneim from Pyramids Capital.

On Tuesday the index tumbled 6.1 percent, its biggest one-day fall since November 30.

The index closed at 6,200 points by end of day trade.

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https://www.dailynewsegypt.com/2010/05/26/egypt-rebounds-talaat-moustafa-leads/
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