Local housing stocks bounced back on Thursday, more than offsetting the decline in market heavyweight Orascom Telecom, which closed at the lowest level since mid-December. Egyptian Resorts gained 1.7 percent to last trade at LE 10.01 ($1.76) after it announced it had sold about 68 hectares of development land for more than $42 million, at between $60 and $75 a square meter. Orascom Telecom, a regional mobile phone operator, slipped a further 0.34 percent to close at LE 70.95, way off the year-high of LE 100 reached in January. On Tuesday Orascom Telecom posted first quarter results that fell short of expectations, traders said. But most of the main housing stocks, the focus of recent interest on the Cairo exchange, closed higher after Wednesday s short-lived correction, brokers said. Heliopolis Housing, the most heavily traded of the housing shares, climbed 7 percent to LE 610, while Medinet Nasr Housing rose 7.7 percent to LE 310. Traders say rising land prices and optimism about the real estate sector have made investors and brokerage houses adjust upwards their valuations of the firms operating in the sector. Alexandria Real Estate Investment, which has several major housing projects in the Cairo area, ended the session 5 percent higher at LE 285.30. The housing was amazing. There was very heavy selling and very heavy buying but it ended nicely up, said Hashem Ghoneim of El Nour Securities.
