Egyptian equities and bonds traded offshore were largely unchanged on Wednesday as investors tried to make sense of president Hosni Mubarak’s pledge to step down, and moves by the army to persuade protestors to clear the streets.
Investors in the Gulf had fewer doubts, with equities rising sharply in Dubai and elsewhere.
In London, GDRs in Orascom Construction, Egypt’s largest company by market capitalisation, slipped slightly from $39.84 on Tuesday’s close to $39.12. Orascom Telecom was fractionally higher art $3.40 ($3.37). Egypt’s 10 year bond was a touch lower at 95.90 (96.00). The country’s credit default spread, a risk measure, narrowed a bit by 1o points to 355, following an 85-point gain on Tuesday.
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