EGX 30 slips 0.77% as Elsewedy and Telecom Egypt drive headlines

The EGX 30 fell 0.77% to 51,894.8 on September 30, with industrial, telecom and contract news setting the tone, according to market data. Elsewedy Electric featured repeatedly in September, with a majority stake acquisition in Thomassen Service on September 9, a China office opening on September 17, and updates on turbine services, a 50 MW storage asset in Greece and an Egypt data-centre venture, according to Zawya, TradingView, Utilities Middle East, Solarbytes and PressReader. Telecom Egypt signed $912.5 million of agreements with Etisalat on September 15 and was in talks with banks over 4G funding by September 20, after expanding its Red Sea subsea network on September 11, according to Arab News and Africa Business Communities. In corporate news, Orascom Construction won $200 million of contracts in Egypt and Algeria on September 15, while Abu Qir Fertilizers reported first-half profit growth on September 29, reported by Arab News and ad-hoc-news.de.