CAIRO, March 18 (Reuters) - Main Egyptian stock indexes tracked world markets up on Wednesday, with regional mobile phone operator Orascom Telecom (OT) jumping 12.5 percent.
Shares in OT, the biggest Arab mobile phone operator by subscribers, last traded at 24.27 Egyptian pounds ($4.31). CI Capital research kept a "strong buy" recommendation on the stock, citing the group's operational performance in 2008.
"There is more confidence in the market," said Mohamed Fouad on Global Capital. "Corporate results have not been as bad as people have expected so far".
The benchmark EGX 30 index gained 2.61 percent to 3,914.65 points. The rival Hermes index rose 2.13 percent to 369.23 points. The broader EGX 70 index gained 0.9 percent to 471.41 points.
Orascom Construction Industries, Egypt's largest listed builder, rose 1.4 percent to 136.60 pounds a share. The company said it has approved a $1 cash-dividend per share to be paid in Egyptian currency on March 30.
Sidi Kerir Petrochemicals rose 6.7 percent to 9.10 pounds also on dividend plans, said Ahmed Abu Taleb of Pharos Securities. The company told the stock exchange it has decided to increase its cash dividend to 1.70 pounds per share, from 1 pound.
Abu Taleb said the real estate sector was also one of the key drivers of the market, with developer Palm Hills up 0.5 percent to 8.30 pounds. The company said on Monday its 2008 net profit trebled to 658 million pounds as it penetrated the middle income market.
Telecom Egypt, the country's fixed-line monopoly, bucked the upward trend, falling 0.9 percent to 14.20 pounds. The company said on Tuesday its revenue growth in 2009 could be flat or down by up to one percent. ($1 = 5.63 Egyptian pounds) (Writing by Alaa Shahine)