CAIRO: Shares of Orascom Telecom rose for a fifth straight session on Thursday despite a decline in Egypt s benchmark index as investors anticipated the firm could post strong earnings.
Orascom shares, which have tumbled more than 30 percent this year, gained 5.58 percent to LE 21.20 ($3.73). The benchmark EGX 30 eased 0.32 percent to 3,700.76 points.
Orascom Telecom said it would publish its 2008 earnings on Monday.
Some people are expecting revenues around $3 billion, said Wafik Dawood of Cairo-based Naeem Brokerage. If this is true it would be at a (price-to-earnings ratio) of 5 which is very low compared to other telecoms.
Commercial International Bank, Egypt s largest lender by market value, shed 3.2 percent to LE 31.48.
Dawood said foreign institutions were selling shares of the bank.
Commercial International, whose shares have fallen nearly 15 percent this year, said late on Wednesday it was considering raising its authorized capital.
Shares of Talaat Moustafa Holding, Egypt s largest developer by market value, dropped 3.21 percent to LE 2.71, its second session of declines.
The company this week posted a fourth-quarter profit far below the expectations of EFG-Hermes, Egypt s largest investment bank, on lower sales.
Shares of Orascom Construction Industries, Egypt s largest builder, rose 2.36 percent to LE 130.
Credit Suisse said on Thursday it was maintaining an outperform rating on the stock, although it cut the firm s price target to LE 204 from LE 306.
The Hermes index shed 0.14 percent to 352.03 points and the broader EGX 70 index gained 1.85 percent to 457.06 points.
