Cairo – Mubasher: Telecom Egypt and Palm Hills’ stocks saw an increase in Monday’s mid-session after posting the financial results.
Telecom Egypt’s stock rose by 2% to EGP8.17 by 11:56am Cairo time.
Likewise, Palm Hills’ stock was 1.56% higher to EGP2.60 by 11:58am Cairo time.
The landline operator’s consolidated profits for the first quarter of 2016 jumped 115.2% year-over-year to EGP1.2 billion from EGP556.1 billion, according to a bourse filing.
The real estate developer reported that its consolidated profits for FY16 first quarter declined 43.19% year-over-year to EGP105.43 million ($11.90 million) from EGP185.59 million ($20.95 million), according to a bourse filing.
EGX indices initiated Monday’s session on a stronger note due to Arab and foreign investors’ purchases.
