The Egyptian bourse has been one of the hardest hit in the region by the global financial crisis, but in recent weeks the prices of bellwether shares have started to pick up. This has prompted cautious hopes that the market may have bottomed out.
Analysts report increased buying by foreign institutions interested in blue chips, including Orascom Telecom, Orascom Construction Industries and Ezz Steel Rebars.
“These have been the first solid moves up that we’ve seen across the board and that suggests we’ve turned a corner,” says Angus Blair, head of research at Beltone Financial, a regional investment bank. “It is unlikely that we will test the lows we have seen earlier.”
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