Kibing Group plans $685m solar glass plant in Egypt's Sokhna – SCZONE chair    EGX ends week in green on Wednesday, July 23    Remittances from Egyptians abroad surge 70% YoY in July–May: CBE    Sudan's ambassador to Egypt holds reconstruction talks on with Arab League    Egypt's current account gap narrows, but overall BoP records deficit    Egypt hosts international neurosurgery conference to drive medical innovation    World Bank proposes Egypt join new global health initiative    Egypt, India discuss expanding industrial, investment partnerships    Egypt's EDA discusses Johnson & Johnson's plans to expand investment in local pharmaceutical sector    I won't trade my identity to please market: Douzi    Egypt welcomes 25-nation statement urging end to Gaza war    Egypt, Senegal sign pharma MoU to unify regulatory standards    Famine kills more Gaza children as Israel tightens siege amid global outrage    Kuwait's Crown Prince, Egyptian minister discuss strengthening cooperation    Egyptian Drug Authority discusses plans for joint pharmaceutical plant in Zambia    Egypt's FM seeks deeper economic, security ties on five-nation West Africa tour    Two militants killed in foiled plot to revive 'Hasm' operations: Interior ministry    Egypt, Somalia discuss closer environmental cooperation    Egypt foils terrorist plot, kills two militants linked to Hasm group    Giza Pyramids' interior lighting updated with new LED system    Egypt's EHA, Huawei discuss enhanced digital health    Foreign, housing ministers discuss Egypt's role in African development push    Korea Culture Week in Egypt to blend K-Pop with traditional arts    Egypt, Uruguay eager to expand trade across key sectors    Egypt reveals heritage e-training portal    Three ancient rock-cut tombs discovered in Aswan    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Egypt's Irrigation Minister urges scientific cooperation to tackle water scarcity    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    Egypt's Democratic Generation Party Evaluates 84 Candidates Ahead of Parliamentary Vote    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Orascom results boost Egypt index
Published in Daily News Egypt on 19 - 05 - 2011

CAIRO: Egypt's main index rose 1.2 percent, boosted by heavyweight Orascom Telecom after it reported first-quarter results that showed a better operating performance than some analysts expected.
Orascom shares were up 7.2 percent, the second best performer on the index. Analysts welcomed the results, especially a bigger than expected gain in earnings before interest, tax, depreciation and amortization (EBITDA).
Traders say many investors are looking beyond the results to Orascom's future structure after Russian operator Vimpelcom bought assets of Orascom's parent company Wind Telecom in a $6 billion deal last month.
"People seem happy with Orascom's EBITDA ... but you won't see the stock picking up for that reason," said one Cairo trader, who said investors were now "waiting for restructuring news to move, not financial results."
The Egyptian benchmark index has gained almost 4 percent this week as local retail investors and some Arab Gulf investors return to the market, traders said.
Real estate stocks Palm Hills and Talaat Moustafa have soared 23 percent and 27 percent respectively in the week, lifted by signals that the country's interim military rulers are studying new rules to settle disputes between the government and private investors.
Talaat Moustafa gained 1.7 percent. Palm Hills closes down 1 percent on Thursday and
Ezz Steel, whose chairman resigned this week amid a corruption probe, leaped 10 percent.


Clic here to read the story from its source.