CIB, EFG, National Development, Orascom: Egypt Equity Preview
The following companies may rise or fall in Egypt’s stock market. Stock symbols are in parentheses and prices are from the last close.
The benchmark EGX30 Index gained 0.4 percent to 6,912.34 in Cairo.
Commercial International Bank Egypt SAE (COMI EY): The North African country’s biggest publicly traded lender was rated “hold” and its price estimate set at 49 Egyptian pounds in new coverage at Deutsche Bank AG. The shares increased 1.7 percent to 47.08 pounds.
EFG-Hermes Holding SAE (HRHO EY): Egypt’s biggest publicly traded investment bank was rated “hold” and its price estimate set at 37 pounds in new coverage at Deutsche Bank. The shares advanced 0.8 percent to 33.09 pounds.
National Development Bank (DEVE EY): The Cairo-based lender, majority-owned by Abu Dhabi Islamic Bank, had its plan to buy 24.8 percent of El Kahera El Watania Investment (KWIN EY) approved by Egypt’s financial regulator. The shares lost 1.5 percent to 5.8 pounds.
Orascom Telecom Holding SAE (ORTE EY): Major investors in Russia’s VimpelCom Ltd. are expected to meet today in Amsterdam to discuss the future of a merger between the company and Orascom’s parent, Weather Investments SpA. The shares declined 1.4 percent to 4.24 pounds.
Pioneers Holding (PIOH EY): Egypt’s second-biggest publicly traded securities brokerage said it raised its stake in El Kahera Housing & Development (ELKA EY) to 25.9 percent and plans to increase the holding in the real-estate developer to 32.3 percent. Pioneers fell 2.1 percent to 3.23 pounds. El Kahera slipped 0.3 percent to 6.05 pounds.
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