Egyptian Stocks: CIB, Talaat Moustafa and Orascom Telecom Media
Egypt’s benchmark EGX 30 Index (EGX30) rose to the highest level in more than a week, gaining 1.6 percent to 4,818.41 at the 2:30 p.m. close in Cairo.
The following shares were active on the Egyptian Exchange. Stock symbols follow company name.
Commercial International Bank Egypt SAE (COMI) increased 1.9 percent to 29.01 Egyptian pounds, the highest level since July 8. The country’s biggest publicly traded lender had its share-price estimate raised to 30 pounds from 29 pounds at Bank of America Merrill Lynch.
Orascom Telecom Media & Technology Holding SAE (OTMT) climbed 2.5 percent to 41 piasters, the biggest daily advance in more than two weeks. The post-dividend share price of the Cairo- based telecommunications company attracted retail investors that found it “cheap,” said Hassan Kenawi, equity trader HC Brokerage.
Talaat Moustafa Group Holding (TMGH) increased 3.1 percent, the most since July 2, to 4.01 pounds. Egypt’s biggest publicly traded real estate developer told investors its legal position in a land dispute is “strong.”
To contact the reporter on this story: Ahmed A. Namatalla in Cairo at anamatalla@bloomberg.net
To contact the editor responsible for this story: Claudia Maedler at cmaedler@bloomberg.net
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