CAIRO: Egypt s stock market recovered on Wednesday from losses with Orascom Telecom, Orascom Construction Industries and Al Ezz Steel Rebars helping it to a higher close. The Hermes index, which shed 4.9 percent on Tuesday, ended 2,637.48 points, or 5 percent, higher at 55,321.05 points. The broader CIBC index rose 7.45 points, or 3.5 percent, to 219.88 points. The Case 30 index rose 416.78 points, or 7.1 percent, to 6,309.51 points. People started seeing stocks were attractive and started buying back again, said Hashem Ghoneim, CEO of El Nour Securities. Falling Gulf stock markets had contributed to the drop in Egypt s bourse on Tuesday. But a recovery in Saudi s bourse had eased the pressure on Wednesday, he said. Orascom Telecom rose LE 21.78 ($3.79), or 7.2 percent, to LE 325. Orascom Construction Industries ended LE 6.13, or 3 percent, higher at LE 214. Investment bank EFG-Hermes said on Wednesday it had raised its long-term fair value for shares in the firm to LE 328 from LE 249. Shares in Al Ezz Steel Rebars gained LE 1.8, or 2.6 percent, to end at LE 70.98. MobiNil shares ended LE 6.43, or 3.8 percent, higher at LE 174.99. Reuters
OT, OCI, Ezz Steel lead stock market rebound
