Bloomberg News

Egypt Stocks: Mobinil and Orascom Telecom Media Dropped in Cairo

April 10, 2012

Egypt’s benchmark EGX 30 Index (EGX30) dropped for a sixth day, retreating 0.8 percent to 4,558.61 at the 2:30 p.m. close in Cairo.

The following shares rose or fell. Symbols are in parentheses.

Egyptian Co. for Mobile Services (EMOB EY), the country’s second-biggest mobile-network operator known as Mobinil, slumped 7 percent to 161.53 Egyptian pounds, the biggest drop since Aug. 8.

Orascom Telecom Media & Technology Holding SAE (OTMT) investors voted last month to sell most of the Egyptian company’s stake in mobile-phone operator Mobinil to France Telecom SA. (FTE) “Though there is nothing official, there is speculation the deal with France Telecom is still facing difficulties and might be delayed,” said Wafik Dawood, director of institutional sales at Cairo-based Mega Investments Securities.

Orascom Telecom Media shares slumped 3.9 percent to 1.25 pounds, the lowest level since Feb. 7.

To contact the reporter on this story: Zahra Hankir in Dubai at zhankir@bloomberg.net

To contact the editor responsible for this story: Claudia Maedler at cmaedler@bloomberg.net


Toyota's Hydrogen Man
LIMITED-TIME OFFER SUBSCRIBE NOW
 
blog comments powered by Disqus