Market Update: Egypt stocks surge 4.9 pct on Mobinil deal

Ahram Online, Monday 13 Feb 2012

Egypt stocks saw impressive growths one hour into trading; with EGX30 main benchmark gaining 4.85 per cent to reach 5,130 points.

"This surge is because of the news on the sale of Mobinil shares to France Telecom," Ashraf Abdel Aziz, institutions sales head at Arabeya Online Securities.

France Telecom has reached a preliminary accord to buy out most of Egyptian tycoon Naguib Sawiris' stake in their jointly owned telecom operator Mobinil, according to a statement on Monday.

"News about the deal triggered a wave of optimism in the market as it is expected to trigger a huge injection of liquidity in the market," Abdel Aziz Adds.

The stocks chart is currently flooded with green as 142 stocks gained value while only 3 dropped.



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