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Egypt index gains, Mobinil and OT up - Daily News Egypt

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Egypt index gains, Mobinil and OT up

CAIRO: Egypt’s main index, EGX30, ended 0.7 percent higher, with Mobinil climbing 2.2 percent after hitting a 15-month low last week on poorly received earnings and Orascom Telecom rising further as Algeria talks loom. Traders said eyes are turning to blue-chip results due out in the next two weeks, including those of Commercial International Bank, …


CAIRO: Egypt’s main index, EGX30, ended 0.7 percent higher, with Mobinil climbing 2.2 percent after hitting a 15-month low last week on poorly received earnings and Orascom Telecom rising further as Algeria talks loom.

Traders said eyes are turning to blue-chip results due out in the next two weeks, including those of Commercial International Bank, Orascom Construction, EFG-Hermes and Ezz Steel.

"By mid-August we should start getting these numbers out," said Hashem Ghoneim from Pyramids Capital. "These should be the main indicators we follow."

Orascom Telecom led the market by volume and turnover, gaining 0.8 percent following a Friday rise in its London-listed global depositary receipts on expectation of a meeting with Algerian authorities regarding the firm’s Djezzy unit.

Talaat Moustafa moved little during the session and ended 0.6 percent lower, despite a court-appointed body saying a disputed land deal should be scrapped. The court will rule on the case on Thursday.

The index traded up 47 points at 6,364 points.

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https://dailyfeed.dailynewsegypt.com/2010/08/01/egypt-index-gains-mobinil-and-ot-up/
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