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OCI expansion in US boosts Egypt shares Thursday
New deal by Orascom Construction Industries in US stimulates market, pushes up Egyptian indices on final trading day of the week
Ahram Online Published in Ahram Online on 06 - 09 - 2012

Egyptian shares made rebounded on Thursday after Wednesday's small loss. The main index EGX30 rose by 0.5 per cent to finish at 5.542.75 due to positive news on foreign investments related to blue chip stocks.
Heavyweight share Orascom Construction Industries (OCI) gained 1.3 per cent on news saying it would expand in the US by building a $1.4bn nitrogen fertiliser plant in Iowa and acquiring a US construction company.
OCI gained despitethe drop in its net income by a 28 per cent for the second quarter due to high start-up costs at its Algerian and US fertiliser plants
Egypt's National Société Générale Bank (NSGB) rose by 1.5 per cent after the Egyptian Financial Supervisory Authority (EFSA) sent a statement on Wednesday to the bourse saying the Qatar National Bank should present its offer to acquire NSGB within 60 days of the date of the Expression of Interest.
The broader index EGX70 rose by 1.3 per cent.
Commercial International Bank (CIB) fell by 0.1 per cent on foreign investors selling LE46.1 million worth of shares.
Egyptians were net-buyer on Thursday with LE31 million.
Property shares Talaat Mustafa Group (TMG), Palm Hills Development (PHD) and Six of October Development and Investments (SODIC) gained 0.4 per cent, 3.1 per cent and 1.5 per cent respectively.
Orascom Telecom (OT) and Ezz Steel rose by 0.2 per cent and 0.5 per cent respectively.
Of listed 186 shares on Thursday, 127 gained while 44 saw losses. The daily turnover reached LE657.8 million.

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