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| Hermes helps Egypt stocks extend gains |
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| Written by Egypt News | |
| Monday, 18 February 2008 | |
 Egyptian shares of investment bank EFG-Hermes posted their sharpest single-day gain in more than a year on Monday, helping Egyptian stocks to their fourth straight session of gainsShares of EFG-Hermes, which fell to a two-month low at the end of January, surged 4.1 percent to 63.50 Egyptian pounds ($11.57). They are down about 3.8 percent this year, compared to about 0.7 percent for the index. “EFG had a severe correction falling to the 56 pound level and it's moving to the upside now,” said Amr Alaa, senior account executive at Prime Securities, adding the stock faced resistance at 64 pounds. Shares of Orascom Telecom gained 2 percent to 80.70 pounds, helped by news the company may merge with a western telecom firm. Orascom Telecom said late on Sunday in a statement on the stock exchange Web site it could eventually merge with a western telecom group, confirming news published in the Financial Times. “If there is a merger it will definitely give more value to Orascom Telecom,” said Mohamed Radwan of Cairo-based Pharos Securities. Shares of Orascom Hotels rose 1.4 percent to 82.10 pounds after HSBC raised its price target on the firm to 100 pounds, saying it was well cushioned against any global economic slowdown. The Case 30 index climbed 1.3 percent to 10,475.65 points, its highest close in almost two weeks. The Hermes index gained 1.2 percent to 92,180.48 points and the broader CIBC index rose 2.9 percent to 454.28 points.
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