Egypt Stocks Rise to Three-Year High on EFG-Hermes; Qatar Gains - Bloomberg

Egypt Stocks Rise to Three-Year High on EFG-Hermes; Qatar Gains - Bloomberg:

"Egyptian shares rose to a three-year high amid the heaviest trading in 16 months on EFG-Hermes Holding SAE’s stock buyback and before a referendum this week. Qatar’s gauge increased to the highest since 2008.

The benchmark EGX 30 Index climbed 2 percent to 7,116.81 at the close in Cairo, the strongest close since before the start of the uprising that ousted President Hosni Mubarak in January 2011. Shares valued at more than 1 billion Egyptian pounds ($144 million) traded, the most since September 2012 and almost three times the one-year daily average. EFG-Hermes, the country’s biggest investment bank, surged 9.7 percent to 10.74 pounds.

“EFG-Hermes is one of the market’s bellwether stocks,” said Tariq Hussein, co-head of MENA Sales Trading at Cairo-based CI Capital. “The surge in shares of EFG-Hermes is inevitably having a knock-on effect across the board and buoying market sentiment.”"

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