CAIRO: Shares in Orascom Telecom and cement firms lifted the Egyptian bourse last week, with the Case30 Index gaining 1.33 percent to close at around 8,284 points.
Orascom Telecom (OT) inched up 1.1 percent to close at LE 69.52 per share with a turnover of LE 14.14 million. The company announced it was planning a potential buyback of up to five million Global Depository Receipts (GDRs) equivalent to 25 million shares over the next 12 months.
MobiNil jumped 2.19 percent to last trade at LE 190.43 million with a turnover of LE 40.45 million. Telecom Egypt gained 1.03 percent with a turnover of LE 10.28 million to close at LE 17.63 per share. The company requested that the National Telecom Regulatory Authority this week reduce tariffs on calls from fixed lines to mobile ones.
A buying spree of cement shares on rumors the government might delay removal of subsidies for energy intensive industries further edged the Index upwards.
Shares in National Cement soared 12 percent, last trading at LE 43 per share. Tora Cement also rose 8.5 percent to close at LE 139.99 per share, while Sinai Cement rose 6.5 percent to close at LE 79 per share.
Giza Contracting Company jumped 9.06 percent to close at LE 74.29 per share with trading worth LE 9.27 million. The company increased its authorized capital from LE 10 million to LE 20 million and its paid-in capital from LE 9 million to LE 10 million. It posted a net income of LE 1.4 million in the 2006/07 fiscal year- up from LE 1.1 million last year.
Orascom Construction Industries (OCI) climbed 3.15 percent with a turnover of LE 37.53 million to close at LE 435.50 per share. On the other hand, Orascom Hotels and Development (OHD) recorded a turnover of LE 1.38 million, increasing 1.06 percent to trade at LE 63.67 per share. A share swap on Orascom Hotel Holdings (OHH) took place Tuesday with OHD at a swap ratio of 1:1.1.
As for the financial sector, EFG-Hermes Holding had a turnover of LE 31 million and saw a 1.43 percent increase to close at LE 42.67 per share.
