CAIRO: Shares rose across the board on Wednesday, with strong interest from foreign investors in construction and telecom shares such as regional telecoms giant Orascom Telecom.
There is a general positive sentiment in the market, said Ahmed El-Hifnauy of EFG-Hermes.
What is very interesting is that retail and Arab Gulf investors are net sellers, and foreigners are net buyers today, which means there is strong foreign interest, he said.
Shares in Orascom Telecom closed 1.7 percent higher at LE 437.02 a share after Warner Music Group said on Wednesday it signed a content deal with the firm to deliver its catalogue of mobile products in several countries including Italy, Pakistan and Egypt.
Orascom Telecom is the largest company on the Egyptian bourse by marking capitalization.
Strong corporate earnings pushed other shares higher, with the Sixth of October Development and Investment (SODIC) rising 7.4 percent to LE144.89 a share after posting a 450 percent rise in 2006 net profit.
A bid from Spanish company Cimpor Inversiones for Misr Cement Qena continued to push the stock higher to hit an all-time closing high of LE 72.50 a share, well above the LE 67 per share Cimpor Inversiones is offering.
This was very interesting because it means people think the bid is cheap, said Mohamed Radwan of Delta Securities.
