CAIRO: The two main Egyptian share indexes made gains on Tuesday driven by telecoms, which have risen since Telecom Egypt said it would seek a larger stake in Vodafone Egypt, traders said. Telecom Egypt said last Tuesday it would seek to increase its stake in Vodafone Egypt by buying up to 24.4 percent of the company for LE 5.856 billion ($1.02 billion). The telecom sector was the star of the day, driven by Telecom Egypt, (because) people are optimistic of their being successful to take the stake in Vodafone, said Mohamed Kotb of Jazira Asset Management. Kotb said this had driven the whole sector up. MobiNil shares last traded 0.8 percent up at LE 160, Orascom Telecom gained 1.5 percent to end at LE 324.95 and Telecom Egypt was 6.2 percent up at LE 14.8. Shares in Vodafone Egypt rose 0.5 percent to LE 99. Extracted Oils was 5 percent up at LE 25.63 after the board proposed a 10-1 share split and a capital increase to LE 157.2 million from LE 52.4 million. Orascom Hotels and Development (OHD), which announced on Monday it had won Swiss government approval for a resort complex in the Swiss village of Andermatt, continued to rise, gaining 2.6 percent to LE 35.85. The Hermes index ended 0.8 percent higher at 56,412.37 points and the Case 30 index was 0.6 percent higher at 6,348.45 points. The broader CIBC-100 index fell 0.1 percent to 260.38 points. Reuters
Telecoms sector pushes shares up
