Big caps pushed Egypt's main index EGX 30 124 points up on Monday despite the suspension of Orascom Telecom (OT), traders said. The Egyptian Exchange has suspended trade on OT pending the firm's planned Tuesday announcement of material information, three traders told Reuters. The Cairo-based firm told the Egyptian Exchange it would make its statement on Tuesday, without providing details. South Africa's MTN Group has said it is in talks about a potential deal, without naming who it was speaking with. A source told Reuters on Thursday than MTN was seeking $5 billion to buy Orascom assets. The North African country's benchmark index EGX 30 rose by 1.66 per cent to 7,591.05 points. The EGX 70 index, which measures 70 of the country's small and mid caps, added 1.89 per cent to 736.17 points. Volume hit LE1.1 billion (around $200 million), according to the Egyptian Exchange. Orascom Construction Industries, Egypt's largest builder by market value, rose by 1.54 per cent, closing at LE272.81 per share. Meanwhile, world stocks bounced sharply higher, boosted by a raft of US data showing economic recovery gathering strength, but crisis-hit Greece's debt came under renewed pressure. The euro fell as questions remained about Friday's decision by the Greek government to turn to its European Union partners and the International Monetary Fund for help. Greece tried to reassure investors on Sunday that aid would arrive in time to avert the euro zone's first sovereign debt default, despite signs that a 45 billion-euro ($60.49 billion) EU-IMF package would have to be bigger. But the premium investors demand to buy Greek government bonds rather than eurozone benchmark Bunds hit a new 12-year high. World stocks as measured by Morgan Stanley Capital International (MSCI) were up 0.6 per cent. The pan-European FTSEurofirst 300 gained one per cent and Japan's Nikkei closed 2.3 per cent higher. New US home sales rose at their fastest pace in 47 years in March and new orders for durable goods grew strongly, helping US stocks to a 19-month high. "US economic data, and other global data has been driving the market higher," said Bernard McAlinden, an investment strategist at NCB Stockbrokers. The euro fell and the spread between Greek and German 10-year government bond yields hit a new 12-year high of 670 basis points. "The market is looking for any fresh news in regards to Greece; we will only get a positive reaction if we get some firm details but that may take some time," said Christian Lawrence, currency strategist at RBC Capital Markets.
