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Mobile auction boosts Egypt shares
Egypt, Business, 7/8/2006
Egyptian shares surged after Egypt's third mobile license sold for $2.9 billion at auction, a price that exceeded expectations and injected confidence into the market, traders said.
Telecom shares were up across the board after the United Arab Emirates Etisalat won Tuesday's auction with its LE16.7 billion bid. Shares in current mobile operator MobiNil gained 2.6 per cent to close at LE160, while Vodafone rose 2 per cent to LE93.
On his part, Mohammed Radwan of Delta Securities said that the selling price of the third mobile license boosted morale and investors confidence. He added that dormant investors who had been on the sidelines are coming back aggressively and picking up stock.
Previous Stories:
AE Etisalat wins Egypt's 3rd mobile licence
(7/5/2006)
Winner of Egypt's third mobile network to be announced today
(7/4/2006)
Egyptian bank buys 20 percent in Lebanese bank
(1/6/2006)
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