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Global Telecom skyrockets to three-month high

Global Telecom skyrockets to three-month high
Global Telecom
GTHE
5.59% 1.89 0.10

The stock of Global Telecom Holding (GTH) has surged for the fourth successive day, with a rise y as much as 4.5% on Thursday to reach EGP 4.74; its highest level since mid-October, 2014.

The stock came the third most active till Thursday’s mid-session with turnover exceeding EGP 37.8 million, after 7.99 million shares were exchanged in 893 transactions.

The stock continued its way higher in early trade today, to continue Wednesday’s performance, reaching EGP 4.80, said Sameh Gharib, head of technical research, Roots Stock Brokerage.

He added that the EGP 4.80 level is a strong resistance that was not reached since last November and is expected to trigger selling pressures.

However, a break above such a level will take the stock higher towards EGP 5.40, Gharib noted.

GTH had logged EGP 2 billion loss in the first nine months of FY14, widening 67% from EGP 1.2 billion reported in the same period a year earlier.

Photo Credit: Arabianeye-Reuters