Egypt considers launching national platform to mobilise green financing for private-sector industrial transformation    Egypt's FRA chief vows to reform business environment to boost investor confidence    Egypt's enterprise agency injects EGP 2.2bn into Alexandria projects    Egyptian, Belarusian officials discuss drug registration, market access    Egypt's ARC, Italy's AICS sign deal to boost wheat production    Gold prices edge higher on July 16th    Egypt stocks hit record highs in 2025 as reforms fuel rally: Cabinet    Egypt condemns Israeli strikes on Lebanon, Syria    Syria says it will defend its territory after Israeli strikes in Suwayda    Egypt urges EU support for Gaza ceasefire, reconstruction at Brussels talks    Pakistan names Qatari royal as brand ambassador after 'Killer Mountain' climb    Health Ministry denies claims of meningitis-related deaths among siblings    Egypt's Health Min. discusses drug localisation with Sandoz    Egypt, Mexico explore joint action on environment, sustainability    Needle-spiking attacks in France prompt government warning, public fear    Foreign, housing ministers discuss Egypt's role in African development push    Korea Culture Week in Egypt to blend K-Pop with traditional arts    Egypt, France FMs review Gaza ceasefire efforts, reconstruction    CIB finances Giza Pyramids Sound and Light Show redevelopment with EGP 963m loan    Egypt's PM urges BRICS to prioritise peace    Greco-Roman tombs with hieroglyphic inscriptions discovered in Aswan    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's GAH, Spain's Konecta discuss digital health partnership    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    Cabinet approves establishment of national medical tourism council to boost healthcare sector    Egypt's PM follows up on Julius Nyerere dam project in Tanzania    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 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.