Home RSS
Real Estate
Cars

Egypt market up on gains in real estate, OT, OCI

Reuters
Egypt market up on gains in real estate, OT, OCI - Egypt - Real Estate Market - OT - OCI


CAIRO, May 10 (Reuters) - Egypt's benchmark index gained more than 4 percent on Sunday as investors bought into real estate stocks and heavyweights Orascom Telecom (OT) and Orascom Construction Industries in large volumes.



"A lot of confidence is in the market, especially in the real estate sector," said Hashem Ghoneim from Pyramids Capital.

"They were being extremely undervalued and now people are buying aggressively," he added.

Property developers Talaat Mousafa (TMGH.CA), Palm Hills (PHDC.CA) and Sixth of October Development and Investment (OCDI.CA) gained between 3.3 and 4.4 percent.

OT (ORTE.CA)(ORTEq.L) gained 8.37 percent to 36 Egyptian pounds ($6.40), after its Pakistan unit repurchased up to $140 million in senior notes at a 27 percent discount to face value. 


Source



Add your comment
  Anonymous comment
Nickname:
Password:
  Remember me on this computer

Title:
Send me by email any answer to my comment
Send me by email every new comment to this article





 
_________________________________________________________________________
 
Disclaimer: The information presented and opinions expressed herein are those of the authors and do not necessarily represent the views of Estates Report and/or its partners.