Egypt Stocks in London Mixed After Parliament Dissolved
Egyptian stocks listed in London were mixed after Egypt’s highest court ordered parliament dissolved and cleared the way for Ahmed Shafik, ousted President Hosni Mubarak’s last premier, to run for the presidency in tomorrow’s election.
Global depositary receipts of Commercial International Bank Egypt SAE (CBKD) gained 3.3 percent to $4.08. Orascom Telecom Holding SAE (OTLD) fell 1.3 percent to $2.34. Orascom Construction Industries (ORSD) gained 0.7 percent to $39.53.
Egypt’s dollar bond due in 2020 rose, with the yield falling two basis points to 7.0 percent.
The twin rulings issued yesterday by the constitutional court strained the country’s transition and unraveled gains by the Muslim Brotherhood, whose political arm held the largest bloc of seats in parliament’s lower house.
-- Editors: Chris Peterson, Thomas Mulier
To contact the editor responsible for this story: Gavin Serkin at email@example.com.