Egypt: Ever Art crosses Suez Canal on its first voyage    IFC loans Egypt's El Sewedy $150 million for more access to renewable energy in Africa    Gold prices in Egypt on June 29    Saudi citizens could enter Schengen countries visa-free    Egypt's Petrojet returns to Libyan oil sector after 11 years    Cemex, VeryNile sign deal for Egypt's Nile River    NATO remarks Egypt's role in maintaining stability in Middle East and Africa    Congo needs Egypt's expertise to diversify its economy – FPI official    Dostarlimab drug cures rectal cancer patient 100%, trials show    Egypt: A royal train turns into a new tourism attraction    Conclusions and Recommendations of the 1st edition of Africa Health ExCon    For the first time John Legend to perform in Egypt    Egypt discovers newly treasure trove of ancient artifacts at Saqqara Necropolis    Noura Al-Mutair – first Gulf female boxer in World Championships    Liverpool fans: "You'll Never Walk Alone" to Cristiano Ronaldo    Egypt to play key role in integrating water, climate issues globally – World Bank official    Egypt's telecoms regulator announces working hours for holy month of Ramadan    Maha karara joins AAIB as Head of Corporate Communications, Sustainability    Egypt works on charting cooperation strategies with international institutions for 5 years: Al-Mashat    Over 2.4 million newborns examined for hearing impairment: Health Ministry    Netflix releases trailer of Arab adaption of 'Perfect Strangers' film    Balqees to headline concert celebrating launch of streaming giant LIVENow in MENA    Sawsan Badr to be honoured at Aswan Women Film Festival    MP Abdel Hady Al-Qasby calls government to facilitate and support NGOs    Al-Sisi follows up on 'Great Transfiguration Project' in St. Catherine    Cairo, London stress need to strengthen cooperation to face climate change    Foreigners account for 22.6% of Egypt's T-bills issuances in 1H 2021: CBE    Egypt's ambassador to Italy passes away    Egypt confirms readiness to help African countries face terrorism and extremism    An estimated 235 million people needed humanitarian assistance and protection in 2021, an increase of 40% compared to 2020: IOM Egypt    Egypt, DRC discuss water cooperation during WYF    Egypt, DR Congo discuss boosting bilateral cooperation during WYF    Cameroonian police probe assault on three Algerian journalists covering AFCON    Pharaohs start AFCON 2021 campaign with fierce clash against Nigeria    Foreign Ministry opens capacity building course for French-speaking African diplomats    Egypt's trade with Nile basin countries climbs 26% y-o-y in 9 months    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 soars after resuming trade; Gulf mixed
Published in Daily News Egypt on 22 - 01 - 2012

CAIRO/DUBAI: Egypt's Orascom Telecom (OT) soared on Sunday following an eight-week suspension, while Qatar's bourse slumped to a three-month low as investors disappointed with proposed dividends continued to sell while other Gulf markets were mixed.
OT's shares, suspended since Nov. 24, jumped 56.1 percent as the company spun off assets owned by Egyptian businessman Naguib Sawiris. The purchase by Russia's Vimpelcom of most of OT in April resulted in it being split into two companies.
Under the deal, assets including a stake in Egyptian mobile operator Mobinil and Orascom's North Korean operations were spun off into Orascom Telecom Media and Technology (OTMT), which will remain under Sawiris's control.
OT's shares were trading at LE 2.70 while OTMT's shares were trading at LE 0.89.
"The Djezzy sale was the catalyst," said Ahmed Abu Taleb of Pharos Securities, adding that he believed the surge in OT's share price was an overreaction.
Egypt's index rose 1.3 percent to at 3,920 points.
Other shares declined ahead of the Jan. 25 anniversary of the uprising that pushed aside Hosni Mubarak last year. Many investors are worried an outbreak of violence could set back the political process.
In Qatar, banks fell, with Masraf Al Rayan down 3.4 percent and Qatar Islamic Bank down 0.6 percent.
"Although the results were good, dividends didn't meet expectations, but the fall is unjustified in my opinion on the long haul," said Amer Khan of Shuaa Asset Management.
"There is obviously appetite when these equities get to certain levels. By no means do I think that valuations in Qatar are stretched or at a point that deserves a sell-off."
Doha's index fell 0.2 percent to its lowest close since Oct. 23.
In Saudi Arabia, petrochemical stocks weighed on the index, which lost 0.2 percent as investors digested the last of the fourth-quarter earnings.
Regional bellwether Saudi Basic Industries Corp (SABIC) fell 1.1 percent, after posting a 10-percent drop in quarterly profit last week, missing forecasts.
Declining global demand has weighed on petrochemical prices.
"SABIC drove the market down and investors are still digesting the earnings," said Turki Fadaak, head of research at Al Bilad Investment. "(By) the end of the week, the short-term picture will become clear as to the direction of the market."
National Industrialization dipped 1 percent, Advanced Petrochemical shed 2 percent and Nama Chemicals dropped 3.8 percent.
Contractor Mohammad A Mojil Group extended losses, dropping 6.5 percent, after saying last week its fourth quarter losses exceeded 10 percent of its total assets.
In Dubai, Union Properties rose 5.8 percent. The developer has named Ahmad Khalaf Al Marri acting general manager, a bourse statement said.
Dubai's benchmark ended 0.5 percent higher.
In Oman, Renaissance Services climbed 3.5 percent, recovering from Thursday's three-year low after a company issued a bourse statement about concerns over its re-financing issues.
"The company has finished 2011 with a positive liquid balance sheet and all financial commitments continue to be met on schedule," chief executive Stephen Thomas said.
Renaissance said in November it was seeking $380 million to finance loans and consolidate facilities for unit Topaz Energy and Marine.
"The company announced a re-financing initiative, which we anticipated should be completed by now," the statement added.
The index added 0.2 percent, up from Thursday's six-week low.

Clic here to read the story from its source.