Egyptian Stocks: Commercial International Bank, Talaat Moustafa
Egypt’s benchmark EGX30 Index (EGX30) climbed 2.9 percent to 4,612.14 at the 2:30 p.m. close in Cairo, the highest level in more than three weeks. That made it the best performer among 95 global gauges tracked by Bloomberg after Bangladesh’s measure and narrowed the index’s loss this quarter to 8.1 percent.
The following shares were active on the Egyptian Exchange. Stock symbols follow company names.
Commercial International Bank Egypt SAE (COMI) , the country’s biggest publicly traded lender, increased 4.1 percent to 25.43 Egyptian pounds, the highest level in more than a month. The central bank’s decision last month to cut the local- currency reserve requirement ratio to 10 percent of deposits goes into effect today, helping free-up funds for banks to deploy rather than park at the regulator with no return.
Talaat Moustafa Group Holding (TMGH) climbed 2.7 percent to 4.22 pounds, the highest level since May 24. An Egyptian court will examine the company’s appeal of a six-month preliminary sentence against Chairman and Managing Director Tarek Talaat Moustafa on July 30 for the alleged sale of a property unit to more than one client.
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