Daily News Egypt

Orascom Tel down, investors seek deal news - Daily News Egypt

Advertising Area




Advertising Area



Orascom Tel down, investors seek deal news

Shares in Orascom Telecom (OT) ended down 4.4 percent, dumped by investors seeking updates on any other possible suitors after talks to sell assets to South Africa’s MTN collapsed. "OT is being smashed. A lot of people have had it with the story. I think they are exiting the stock until they know what is …


Shares in Orascom Telecom (OT) ended down 4.4 percent, dumped by investors seeking updates on any other possible suitors after talks to sell assets to South Africa’s MTN collapsed.

"OT is being smashed. A lot of people have had it with the story. I think they are exiting the stock until they know what is going to happen," said Karim Hosny of Pharos Securities.

OT helped lead the benchmark index down 0.3 percent to 6,285 points.

Elsewhere, shares in Juhayna Food Industries, listed after Egypt’s first IPO in two years, closed down 7.7 percent on its first day of trade at LE 4.30 ($0.78), compared to the public offer price of LE 4.66.

"Of course, it’s disappointing," said one trader, who declines to be identified. Three analysts, prior to trading, had said the stock could trade either flat or at a premium.

But another trader, Teymour El-Derini of Naeem Brokerage, said the discount was expected as the price was overvalued.

Advertising Area

Advertising Area



https://www.dailynewsegypt.com/2010/06/15/orascom-tel-down-investors-seek-deal-news/
Breaking News

No current breaking news

Daily News Egypt Android App Available for free download on Google play
View
Daily News Egypt Ios App Available for free download on APP Store
View
Social Media Auto Publish Powered By : XYZScripts.com