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Egypt index climbs, led by soaring OT - Daily News Egypt

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Egypt index climbs, led by soaring OT

CAIRO: Orascom Telecom lept 8.5 percent, boosted by announcements it will negotiate the sale of its Algerian Djezzy unit to the Algerian government and might consider bidding for control of Vodafone Egypt. The announcements help push Egypt’s benchmark index up 2.2 percent to 6,200 points, the second day of gains that have allowed it to …


CAIRO: Orascom Telecom lept 8.5 percent, boosted by announcements it will negotiate the sale of its Algerian Djezzy unit to the Algerian government and might consider bidding for control of Vodafone Egypt.

The announcements help push Egypt’s benchmark index up 2.2 percent to 6,200 points, the second day of gains that have allowed it to recoup losses from a run on shares that dragged it down 6.1 percent on Tuesday.

"We’re recovering from the hit we took," said Karim Hosny of Pharos Securities.

Telecom Egypt, which said last week it was considering boosting its 45 percent stake in Vodafone Egypt, edged up 0.4 percent.

Orascom Construction Industries edged up 0.3 percent after it says net income rose 10.4 percent in the first quarter of 2010, in line with analyst forecasts.

Lecico jumped 10.3 percent after it says it will distribute a bonus share for every two held by investors.

"Retail traders are waiting for the close of the markets to see what will happen in Western markets," said Nader Khedr, an analyst with BLOM bank.

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https://www.dailynewsegypt.com/2010/05/27/egypt-index-climbs-led-by-soaring-ot/
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