MIDEAST STOCKS-Gulf mostly up ahead of results season, Global Telecom plunges in Egypt | Reuters:
Most Gulf markets closed in positive territory on Sunday but trading volumes were thin as investors awaited company results reporting that will begin this week.
In Egypt, the index gained 1.2 percent, but Global Telecom Holding plunged 7 percent after announcing earlier on Sunday its plan to convert outstanding shareholder loans of $370.6 million plus accrued interest into equity.
Global Telecom Holding said its financial position and cash flow would remain unchanged after the conversion, given this is a non-cash transaction. But the stock took a hit, plunging to a month’s low.
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