Shares of Egyptian investment bank EFG-Hermes closed 8.2 percent higher on Tuesday, apparently due to an upgrade on the stock by HSBC, traders said.
"There is a report from HSBC dated May 10 that gives EFG-Hermes an 'overweight' rating and a target price of 24 Egyptian pounds. This is what is causing the rise in the stock," said Omar Ascar, head of trading at Cairo Capital Securities.
Another trader said the stock maybe reacting to comments by the stock exchange chairman who said he expected a number of initial public offerings this year.
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