CAIRO: Index heavyweight Orascom Telecom rallied 6.5 percent on Tuesday after two sessions of losses, driving Egypt s benchmark index higher.
It s a normal rebound because the stock has fallen in the past two days. But it is trading at very low volumes, said Ashraf Akhnoukh, trader at CIBC Brokerage.
Orascom Telecom, which on Monday said it paid $120 million against a $596.6 million Algerian tax claim in order to file an appeal with the Algerian government, had dipped 9.7 percent in the last two days. It said it hoped to recover the amount.
Investors have different points of view regarding Orascom Telecom … and the stock is volatile, said Karim Hosny of Pharos Securities.
Sister company Orascom Construction Industries rose 0.4 percent and EFG-Hermes 1.4 percent.
These stocks are just following Orascom Telecom, Akhnoukh said.
The index climbed 1.7 percent to 6,258 points. -Reuters
