Market Update: Egypt stocks down near 1 pct early Thursday on Sawiris rumour

Ahram Online, Thursday 16 Feb 2012

Egypt's major stocks are taking another dip, the benchmark EGX30 trading down 0.93 per cent at 4,956.8 points an hour into Thursday's session.

The fall follows rumours telecoms tycoon Naguib Sawiris, part-owner of Mobinil and Orascom Telecom Media & Technology (OTMT) is contemplating the sell-off of his stake in Russian giant Vimpelcom.

From the roughly 130 firms being traded, just over a dozen are seeing gains. 

Market turnover is around LE180.5 million, with stocks in Mobinil, OTMT and Orascom Construction Industries are seeing the heaviest trade.
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