[2008-07-10]  Egypt's main stock index ends losing streak, OT up
Heavy buying in regional mobile phone operator Orascom Telecom helped Egypt's benchmark index end a four-session losing streak on Wednesday, traders said.

Shares in market mainstay Orascom Telecom (OT), which lost over 30 percent of its value this year until Tuesday's close, rose 3.9 percent to last trade at 63.15 Egyptian pounds ($11.80).

"OT has become very, very cheap, so there was a lot of buying in it," said Teymour el-Derini of Beltone Financial.

The Case 30 index, which shed 12.5 percent of its value this year, closed 1.7 percent up at 9,509.95 points, while the broad CIBC-100 index rose 0.4 percent to 499.62 points.

Pioneers Holding, the most heavily traded stock by turnover, rose 1.9 percent to last trade at 24.49 pounds on the day after the investment bank raised its forecast for net profit in 2008 by up to 150 million pounds to between 400-425 million pounds.

Among the main gainers was Ezz Steel, which rose 1.9 percent to 76.01 pounds. Derini said high world steel prices, which propelled the firm to stronger-than-expected first-quarter net profit last week, were supporting the shares.

Mohamed Kotb of Al Jazira Asset Management said shares in the largest steel company in Egypt by sales rose after breaking a key technical barrier at 75 pounds.
Source: © Reuters 2008.