Shares in Egypt's Orascom Telecom declines as much as 3.9 per cent in early trade on Wednesday after an Algerian source said the Telecom Ministry had not yet receive any valuation for Djezzy.

Orascom shares surged almost 13 per cent in the previous two sessions after an Egyptian newspaper said that Shearman & Sterling LLP, a law firm hired by the Algerian government, valued the Egyptian firm's Algerian unit Djezzy at $7 billion.

The Algerian source said on Tuesday, after the market closed, that no valuation had been received.

Shares in Orascom were trading down 1.7 per cent at 3.56 Egyptian pounds at 0841 GMT. The benchmark index was down 0.7 per cent.