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

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.

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.CAORTEq.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.CAOCICq.L rose 5.7 percent to 190 pounds, with Ghoneim citing a joint venture deal agreed last Wednesday as positive for the stock.

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)

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