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| Egyptian shares rise for fourth straight day |
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| Written by Egypt News | |
| Tuesday, 04 September 2007 | |
 Egyptian share indexes extend their gains on Tuesday for the fourth session in a row by helping of Orascom Construction Industries (OSI) The Orascom Construction Industries which is considered as one of the biggest cement and construction groups in the Middle East, reported a 46 percent rise in its first-half net income on Monday to $307 million, helped by higher sales volumes. Shares in the group last traded 5.1 percent higher at 400 Egyptian pounds. Mr. Mohamed Radwan of Delta Securities has declared that "the results of OCI were the main driving force in the market today" Meanwhile, Egyptian benchmark Hermes index rose 1.7 percent to 72,111.52 points. Moreover, the well watched CASE 30 index followed suit to end at 8,100.48 points. The broader CIBC index rose 0.9 percent to 379.52 points. Mr. Radwan has said that "when the (Case 30) index broke 8,000 points, this also gave confidence and strength to the market" Remarkable, Egyptian Resorts, the most traded stock by turnover, also helped nudge the market up, gaining 1.9 percent to last trade at 11.82 pounds. "The government's decision to sell its 24-percent stake in the firm helped drive the shares higher", Mr. Mohamed Ashmawy of CIBC brokerage stated that. He added that "market mainstay Orascom Telecom was nearly steady at 69 pounds a share after its first-half results came at the bottom end of market expectations" Noteworthy, the regional mobile phone operator tripled its net income to $995 million, boosted by the sale of an Indian subsidiary of Hutchison Telecom. While, OT holds a 19.3 percent stake in Hutchison Telecom, which sold its Indian unit Hutchison Essar, generating a $708 million gain for Orascom.
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