الرئيسية
1110 GMT - Egypt's main index surges in early
trade, buoyed by the opening on Monday of Egypt's first freely
elected parliament in 60 years.
All but one stock gain on the main index, which rises 2.6
percent to 4,117 points.
"Yesterday was the first session for the elected parliament.
This is positive political news," says Abdalla Hassan of Osool
Brokerage. "If the anniversary of the 25th of January revolution
passes peacefully, the market will rise again because most
Egyptian stocks are undervalued now."
Activists plan protests throughout Egypt on Wednesday to
mark the first anniversary of the revolution that overthrew
Hosni Mubarak. Many demonstrators will demand that Egypt's
military rulers hand over power to parliament immediately.
Orascom Telecom (OT) is the main gainer, soaring
9.8 percent on its third day of trade after an eight-week
suspension while it spun off businessman Naguib Sawiris's
assets. Traders also say investors expect OT will soon resolve
its dispute with the Algerian government over its Djezzy unit.
Telecom Egypt rises 3.6 percent. Al-Alam al-Youm
newspaper cited the firm's chief executive on Tuesday as saying
it had applied to the telecoms regulator for a Mobile Virtual
Network Operator (MVNO) licence and was considering expanding
into neighbouring markets.
Telecom Egypt officials were not immediately available for
comment.
"Telecom Egypt is a very promising stock with good
financials and dividends. It is at least 15 percent undervalued
in price," Hassan says.
Orascom Construction Industries (OCI) rises 2.8
percent. UBS cut OCI's price target to 257 Egyptian pounds from
265 pounds with a "neutral" rating.
Alexandria Mineral Oils inches down 0.1 percent.
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1025 GMT - Kuwait's bourse makes its largest one-day gain
since September and hits a five-week high as investor sentiment
improves ahead of parliamentary elections.
The index climbs 0.6 percent to 5,821 points, its
highest closing level since Dec. 20.
trade, buoyed by the opening on Monday of Egypt's first freely
elected parliament in 60 years.
All but one stock gain on the main index, which rises 2.6
percent to 4,117 points.
"Yesterday was the first session for the elected parliament.
This is positive political news," says Abdalla Hassan of Osool
Brokerage. "If the anniversary of the 25th of January revolution
passes peacefully, the market will rise again because most
Egyptian stocks are undervalued now."
Activists plan protests throughout Egypt on Wednesday to
mark the first anniversary of the revolution that overthrew
Hosni Mubarak. Many demonstrators will demand that Egypt's
military rulers hand over power to parliament immediately.
Orascom Telecom (OT) is the main gainer, soaring
9.8 percent on its third day of trade after an eight-week
suspension while it spun off businessman Naguib Sawiris's
assets. Traders also say investors expect OT will soon resolve
its dispute with the Algerian government over its Djezzy unit.
Telecom Egypt rises 3.6 percent. Al-Alam al-Youm
newspaper cited the firm's chief executive on Tuesday as saying
it had applied to the telecoms regulator for a Mobile Virtual
Network Operator (MVNO) licence and was considering expanding
into neighbouring markets.
Telecom Egypt officials were not immediately available for
comment.
"Telecom Egypt is a very promising stock with good
financials and dividends. It is at least 15 percent undervalued
in price," Hassan says.
Orascom Construction Industries (OCI) rises 2.8
percent. UBS cut OCI's price target to 257 Egyptian pounds from
265 pounds with a "neutral" rating.
Alexandria Mineral Oils inches down 0.1 percent.
---------------------------------------------------------------
1025 GMT - Kuwait's bourse makes its largest one-day gain
since September and hits a five-week high as investor sentiment
improves ahead of parliamentary elections.
The index climbs 0.6 percent to 5,821 points, its
highest closing level since Dec. 20.