Egypt News

Traders in Egyptian Stock Exchange reported that Egypt's benchmark index gained more than 4 percent on Sunday as investors bought into real estate stocks and heavyweights Orascom Telecom (OT) and Orascom Construction Industries in large volumes

"A lot of confidence is in the market, especially in the real estate sector," said Hashem Ghoneim from Pyramids Capital.
"They were being extremely undervalued and now people are buying aggressively," he added.

Property developers Talaat Mousafa, Palm Hills and Sixth of October Development and Investment gained between 3.3 and 4.4 percent.

Orascom Telecom gained 8.37 percent to 36 Egyptian pounds ($6.40), after its Pakistan unit repurchased up to $140 million in senior notes at a 27 percent discount to face value.
Orascom Construction Industries rose 5.7 percent to 190 pounds, with Ghoneim citing a joint venture deal agreed last Wednesday as positive for the stock.

Between them the two firms constitute some 36 percent of the weighting on the EGX 30 index, which ended 4.32 percent higher at 5,745.33 points. The broader EGX 70 added 3 percent to 629.05 points.

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