EGX 30 slips 0.54% as Telecom Egypt stake sale and earnings set the tone
The EGX 30 closed down 0.54% at 51,882.8 points on June 8, with the news flow led by a market transaction and corporate earnings. The government concluded the sale of a 10% stake in Telecom Egypt in the last tranche of the deal, according to Ahram Online. Cleopatra Hospital posted standalone first-quarter profit of EGP 132.8 million, according to TradingView. Orascom Construction, meanwhile, reported third-quarter net income of $24.5 million, Ahram Online reported.
Related stories
Cairo Stock Exchange — EGTS Jumps 12.9%, Crushing an EGX 30 Gain of 0.95%
EGTS posted the day’s strongest move, soaring 12.9% to EGP 19.9 versus a 0.95% rise in the EGX 30. The rally came as property names outperformed, the Egyptian pound strengthened to 51.67 per dollar, and Brent eased to $91.49 a barrel.
EGX 30 rises 0.95% as Orascom deals and Telecom Egypt sale drive flow
The EGX 30 closed up 0.95% at 52,374.8 on June 9, with deal flow and earnings setting the tone. The government completed the sale of a 10% stake in Telecom Egypt in the final tranche of the transaction, Ahram Online reported, while EFG Hermes led a landmark EGP 5.1 billion corporate bond issuance for EGP Corp-Solutions, according to ZAWYA. Orascom Construction sealed 2 contracts tied to Cairo Metro Line 4 and the high-speed rail project, Ahram Online said, after reporting quarterly net income of $24.5 million, according to the same source. Cleopatra Hospital also posted Q1 standalone profit of EGP 132.8 million, according to TradingView.
Saudi Egyptian Investment & Finance (SEIG.CA SEIGA.CA) - Release from FRA