Wednesday, 4 April 2012

MIDEAST STOCKS-Orascom Telecom drags down Egypt; Gulf bourses mixed | Reuters

Egypt's bourse fell on Wednesday, weighed by Orascom Telecom (OT) which declined for a fifth day over concerns the sale of a stake in its Algerian unit might take longer than expected, while trading was mixed on Gulf bourses.

OT shares slid 8.4 percent, and Cairo's benchmark index finished 1.4 percent lower.

United Arab Emirates' Al Bayan newspaper quoted Algeria's finance minister as citing disagreement between Algeria and OT's parent company Vimpelcom on the value of the deal for a 51 percent of OT's mobile phone unit Djezzy.

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