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 reporters on this story: Jason Webb in London at jwebb25@bloomberg.net.

To contact the editor responsible for this story: Gavin Serkin at gserkin@bloomberg.net.

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.