Egyptian stocks rose on Sunday after a recent correction with investors showing interest in Orascom Telecom (OT) on expectations the firm will post strong first half 2004 results, traders said.
The benchmark Hermes index, which fell on Wednesday and Thursday after hitting lifetime highs earlier last week, ended up 192.92 points or 1.2 percent at 16,443.02 points.
The broader CIBC index rose 0.22 points, or 0.2 percent, to close at 96.78 points.
"The market rebounded a bit with investors waiting to see what OT's results will be... The expectation is that they will be positive," said El Nour Securities' Hashem Ghoneim.
Regional mobile telephone service provider OT last traded up 2.85 Egyptian pounds ($0.46), or 2.1 percent, at 137 pounds and officially closed at 136.98 pounds.
Dynamic Securities' Yasser Hassanein said investors were also showing interest in OT's sister company MobiNil, also known as the Egyptian Company for Mobile Services, due to the expectation over OT's results.
MobiNil last traded up 3.24 pounds, or 3.8 percent, at 88.52 pounds and officially closed at 87.93 pounds.
Elsewhere in the market, the traders said Egyptian American Bank rose after the bank said it would undertake a stock split by distributing extra shares to existing investors. Officials were not immediately available for comment.
The bank last traded up 8.15 pounds, or 11.3 percent, at 80 pounds at officially closed at 77.77 pounds.
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