Market report: EGX 30 rises 0.5 per cent led by Orascom Telecom

Khaled Barakat , Tuesday 21 Dec 2010

Good news on Orascom Telecom deal with VimpelCom pushes the main index up 0.5 per cent, to 6.945 points

the egyptian stock exchange rose for the second session
the egyptian stock exchange rose for the second session

The EGX30, Egypt's main stock market index, ended the mid-week session with a slight rise, up 0.5 per cent, at 6,945 points on news that VimpelCom will go ahead and purchase Orascom Telecom (OT).

The deal will not change in value or conditions.

"The only condition that will change is specific to the shareholders' agreement," Orascom Chairman Naguib Sawiris announced today. He added that he could receive a new offer this week.

OT was the highest performer, in terms of value, after trading 9,830,477 shares worth an overall LE42.2 million.

 “The positive results for many companies represent the main support for continuous ascent of the market,“ said Kamal Mahgoub, managing director of the economic community for financial advisors.

Led by Orascom Telecom, all blue chips headed north, with the exception of the Commercial International Bank (CIB).

Nationals dominated a little less than two thirds of trading, while foreign and Arab investors were more active than usual, accounting for 28 per cent and 6.6 per cent of trading, respectively.

Retail investors, who tended to sell, controlled 52 per cent of total trading, while institutional traders went on a buying spree, dominating 48 per cent of trading.

Memphis Pharmaceuticals was the biggest gainer for the second trading session, up 17.9 per cent, to LE43.3. It was followed by Kafr El Zayat Pesticides, which surged with an 8 per cent increase to LE 123.

At the other end, Orascom Development Holding was the biggest drag on the overall index, plunging 5.17 per cent in value to LE16.3.

Most sectors turned to green today, banks being the most active, dominating 26.3 per cent, or over LE61.1 million. The sector was followed by Real Estate, which controlled 21.8 per cent, or over LE38.6 million.

The EGX70, for small and medium business, closed on a red note for the third session, declining by 0.82 per cent, to reach 724 point.

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