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.
Between them the two firms constitute some 36 percent of the weighting on the EGX 30 index .EGX30, which ended 4.32 percent higher at 5,745.33 points. The broader EGX 70 .EGX70 added 3 percent to 629.05 points. ($1 = 5.6231 Egyptian pounds) (Writing by Alastair Sharp)
Our Standards: The Thomson Reuters Trust Principles.