United Bank Gains in Debut on Egypt Exchange After State IPO
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United Bank shares rose on their debut, days after Egypt wrapped up a 30% stake sale as part of an International Monetary Fund-backed program to boost the economy by offering state assets to investors.
Its shares jumped as much as 10% on the Egyptian stock exchange, climbing to 15.23 Egyptian pounds. It slightly pared gains to trade 6.5% higher as of 10:07 a.m. in Cairo.