EGX 30 rises 1.08% as Elsewedy and Telecom Egypt drive headlines

The EGX 30 closed up 1.08% at 53,126.0 on July 20, after a 0.7% decline flagged on July 19 in a Cairo bourse note. Elsewedy Electric signed industrial land agreements with 7 Egyptian investors in Tanzania, according to Zawya, after the cabinet approved a wiring harness project in Fayoum on July 16, according to Arab Finance. Telecom Egypt said on July 16 it would not proceed with the proposed RDH transaction, according to a regulatory filing carried by TradingView, while Kalkine Media and Connecting Africa reported the cancellation of the Helios-linked data center stake sale. Telecom Egypt said it is focusing on its 100%-owned data center subsidiary, according to Kalkine Media.