CAIRO: Egypt s benchmark index ended 0.4 percent higher after an early dip, while Orascom Telecom extended losses following an Algerian tax ruling in what traders say is a weak day for the market.
Orascom Telecom fell 4.7 percent, its fourth session of declines, after Algerian tax authorities charged it with $596.6 million in outstanding taxes and penalties. The firm s shares have lost a quarter of their value in the last 30 days.
Brokers said that the market is trading on weak volumes of around LE 500 million.
Orascom Construction, which also operates in Algeria, climbed 1 percent.
Retail investors had sold the stock last week on fears it could also be asked to pay backtaxes, said Karim Hosny, a trader at Pharos Securities.
Investors now think the Algerian tax issue cannot hurt OCI because it is not in Algerians best interest to affect it, he added.
Overall, the index added 21 points to end at 6,217 points. -Reuters
