More gains likely as investors expect company to win contracts in Qatar
Orascom Construction Industries gained the most in more than six months on speculation the company may be awarded contracts in Qatar after the Arab country won the rights to host soccer’s 2022 World Cup.
The shares of Egypt’s biggest publicly traded builder gained 3.2 percent, the biggest increase since May 26, to 266.75 Egyptian pounds at 2:30 pm close in Cairo. That valued the Cairo based company at $9.5 billion.
Ashraf Akhnoukh, senior equity sales trader at Cairo based Commercial International Brokerage Co said: “It is poised for more gains tomorrow as investors expect the company to be awarded more contracts in Qatar.”
Besix Group, a 50 percent owned subsidiary of Orascom Construction, is part of a joint venture that won a $750 million contract to build the third phase of the passenger terminal at the New Doha International Airport in Qatar.