Egyptian shares were mixed Monday, with Orascom Telecom (OT) gaining after a local paper quoted the firm’s chairman as saying a dispute with Algerian authorities would be solved by the end of January.
An Orascom spokeswoman contacted by Reuters said OT’s Chairman Naguib Sawiris was misquoted in the article, which was published on the daily newspaper Al-Shorouk’s website.
Orascom’s Algerian unit Djezzy has been at the heart of a long-running row with Algiers over back-taxes and other issues, complicating a deal to sell a majority stake in Orascom to Russia’s Vimpelcom.
Orascom, which rose 2.8 percent, was the most heavily traded stock on the exchange.
"The stock was up today on rumors," said Mohamed Helmy of HC Brokerage, referring to Orascom.
Mohamed Swefy of Osool Brokerage added: "Local analysts have recommended the stock because, from a technical perspective, OT is giving a buy signal."
The EGX 30 closed nearly flat at 7,202 points.
Maridive and Oil Services rose 4.4 percent, buoyed by higher global oil prices, traders said.
Crude oil surged towards $90 a barrel on Monday, bouncing back from last week’s 3.2 percent dip after a leak shut an Alaskan pipeline that carries 12 percent of US crude output.
Commercial International Bank shed 2.3 percent while Telecom Egypt lost 1.9 percent.
