Egypt gears up to host Barcelona Convention COP24 on Mediterranean Pollution in December    Egypt to host 3rd Global Conference on Population, Health and Human Development in November    Egypt to host inaugural AI Everything Middle East & Africa Summit in February 2026    Norway's wealth fund investments in Israel dominate election, could decide government    Egypt's military production, petroleum ministries drive projects to boost citizens' economic gains    Egypt implements EGP 12.7bn water, wastewater projects in Northwest Coast in 2024    Egypt backs UN plan for Libyan elections within 12-18 months    South Korea's Lee in Japan for talks ahead of crucial Trump meeting    Egypt, S.Arabia step up trade ties through coordination council talks    Egypt reviews progress on $200m World Bank-funded waste management hub    Egypt, ADIB explore strategic partnership in digital healthcare, investment    Egyptian pound down vs. US dollar at Monday's close – CBE    Egypt's FM, Palestinian PM visit Rafah crossing to review Gaza aid    Egypt prepares unified stance ahead of COP30 in Brazil    Egypt recovers collection of ancient artefacts from Netherlands    Egypt harvests 315,000 cubic metres of rainwater in Sinai as part of flash flood protection measures    Egypt, Namibia explore closer pharmaceutical cooperation    Fitch Ratings: ASEAN Islamic finance set to surpass $1t by 2026-end    Renowned Egyptian novelist Sonallah Ibrahim dies at 88    Egyptian, Ugandan Presidents open business forum to boost trade    Al-Sisi says any party thinking Egypt will neglect water rights is 'completely mistaken'    Egypt's Sisi warns against unilateral Nile measures, reaffirms Egypt's water security stance    Egypt's Sisi, Uganda's Museveni discuss boosting ties    Egypt, Huawei explore healthcare digital transformation cooperation    Egypt's Sisi, Sudan's Idris discuss strategic ties, stability    Egypt to inaugurate Grand Egyptian Museum on 1 November    Greco-Roman rock-cut tombs unearthed in Egypt's Aswan    Egypt reveals heritage e-training portal    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    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    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.



Egypt index slips, Telecom Egypt bucks trend
Published in Daily News Egypt on 23 - 05 - 2010

Egypt's main index continued to decline on Europe debt worries, but heavyweight Telecom Egypt cushioned the fall, jumping 4.1 percent after it said it was considering boosting its stake in Vodafone's Egypt unit.
The prospect of a deal also helped push up shares in mobile operator Mobinil, which started to look undervalued compared to the possible price Vodafone Egypt could fetch, traders said.
"A lot of people are saying the valuation of Vodafone Egypt will be high, so they're taking the same EV/EBITDA multiples and seeing where it would be on Mobinil," said Teymour El-Derini of Naeem Brokerage. Mobinil rose 4.6 percent.
The EGX30 inched down 0.4 percent, with Maridive and Oil Services shedding 4.1 percent, more than any other firm on the index.
Brokers said the Egyptian market will continue to take its direction from Europe in the coming days.
"I think this Europe crisis is even closer to us than what happened in the US," said Karim Hosny of Pharos Securities.
"Geographically we are closer, there is direct trade with a lot of countries in Europe, and the Egyptian market has decent foreign participation," he added.
The 30-company index closed at 6,394 points. It has fallen nearly 16 percent since April 27.


Clic here to read the story from its source.