CAIRO: Orascom Construction Industries' proposal to split into two companies to become more competitive has taken the Egyptian indexes on Monday's session up. EGX 30, the main index gained 24.25 points or 0.49 percent to close at 4945 points, in a sign it could penetrate 5000 point level in the coming session. EGX 70, index of the leading smaller and mid cap, also gained 0.11 percent or 0.45 points to close at 432.62 points. EGX 100, the all-embracing index, followed suit with 0.4 percent, taking the index up to close at 778.62 points. OCI said the regulator had approved its request to hold a shareholders' meeting on May 17, while final approval for the capital decrease of the existing company. According to a press release from the company, one of the two companies would specialize in fertilizers and the other in construction. “The market has watched a heavily traded stock for OCI, after the news of split has been told to investors, market will go on rally in the coming session, as this split will continue to boost it, it will be a great thing if it will happen and Orascom enter fertilizers field,” an analyst told Bikyamasr.com. OCI, the market's most heavily traded stock, climbs 1.8 percent, while the benchmark index gains 0.5 percent. Fertilizer maker Egyptian Financial and Industrial jumps 4 percent and Abu Qir Fertilizers gains 2.4 percent. Telecom sector – Mobinil climbs 0.3 percent, while Orascom Telecom slips 0.6 percent.
