Egypt's Pioneers Holding climbed 4.3 percent, rising for the third straight session, on talk the financial services firm may issue global depositary receipts (GDRs) and some speculation about possible expansion plans. "Basically Pioneers has been rising on talk the company is studying listing GDRs on the London stock exchange," one Cairo-based trader said. Another said there is speculation about possible acquisitions or other expansion plans. Pioneers board member Khaled El-Tayeb had no comment on any GDR issue. On possible expansion plans, he referred back to comments made to Al-Mal newspaper on July 5 published after the end of the merger deal with Beltone Financial was announced. In that article, El-Tayeb said Pioneers would focus on investment banking and asset management activities, alongside developing its brokerage business. Shares in Pioneers climbed as much as 6 percent in the session before easing back, after rising 11 percent the previous day. Traders said most blue chips are took their cue mainly from the Japanese market, but volumes were weak due to a summer lull and slow trading during the Muslim holy month of Ramadan. Japan's benchmark Nikkei on Thursday rose 1 percent prompting talk that pension funds were picking up cheap stocks. In Egypt, big cap Commercial International Bank advanced 2.7 percent and index heavyweight Orascom Construction inched 1 percent higher. Orascom Telecom bucked the trend and slipped 1 percent on profit taking after rising about 4 percent in the last three sessions. Overall, Egypt's benchmark index edged up 0.5 percent to 6,390 points.
