Industrials and OT weigh on Egypt stocks

Egypt's benchmark index rises 0.8 per cent, boosted by gains in industrial stocks and in Orascom Telecom (OT). Egyptian Iron and Steel gains 4.6 per cent. On Tuesday Egypt announced a possible anti-dumping action against Turkish steel imports. Egyptian local steel makers have been seeking action because of surging imports. Egypt Aluminium adds 3.3 per cent. OT also climbs 2.6 per cent on news that Egypt's communications minister asked OT and France Telecom to meet soon to settle their dispute over Mobinil, analysts say. Mobinil edges up 0.3 per cent. "OT has been going up for a while. It is a technical breakout that will continue, with all the positivity after it won the case against France Telecom," said Ashraf Akhnoukh, senior equity sales trader in CIBC Brokerage. OT earlier this month won an appeal court against the Egyptian regulator's decision to allow France Telecom to buy Mobinil shares at 245 Egyptian pounds each. The EGX30 closes at 6,888 points.