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

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

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. [ID:nLA300056]

OCI (OCIC.CA)(OCICq.L) rose 5.7 percent to 190 pounds, with Ghoneim citing a joint venture deal agreed last Wednesday as positive for the stock.


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