Support The Moscow Times!

Orascom Volatile Trading

CAIRO — Orascom Telecom Holding was the best performer among companies on Egypt's benchmark stock index Wednesday.

Shares gained as much as 7.7 percent before closing 2.8 percent lower at 3.52 Egyptian pounds at the 1:30 p.m. in Cairo. The EGX 30 Index tumbled 8.9 percent to 5,142.71, the lowest level since April 2009, as trading resumed for the first time in almost two months.

"The VimpelCom deal is definitely behind Orascom Telecom's positive performance today," said Ashraf Akhnoukh, sales trader at Cairo-based Commercial International Brokerage. "But this may not last, especially if the market falls another 10 percent [Thursday]." Moody's Investors Service placed Orascom's B2 corporate family rating on review for a possible upgrade on March 21.

(Bloomberg)

… we have a small favor to ask.

As you may have heard, The Moscow Times, an independent news source for over 30 years, has been unjustly branded as a "foreign agent" by the Russian government. This blatant attempt to silence our voice is a direct assault on the integrity of journalism and the values we hold dear.

We, the journalists of The Moscow Times, refuse to be silenced. Our commitment to providing accurate and unbiased reporting on Russia remains unshaken. But we need your help to continue our critical mission.

Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just 2. It's quick to set up, and you can be confident that you're making a significant impact every month by supporting open, independent journalism. Thank you.

Continue

Read more