MIDEAST STOCKS-Egypt's Domty jumps on bourse debut, buoys other stocks | Reuters:
"Egypt's Arabian Food Industries (Domty) surged on its bourse debut on Tuesday, helping to spur buying in other Cairo stocks.
Domty rose 11 percent to 10.21 Egyptian pounds ($1.15). It had sold 12.25 million shares in a public offering this month at 9.2 pounds per share, with the sale hugely over-subscribed.
"Domty is up on decent volumes and this is affecting the rest of the market - investors are keen to buy Domty at a premium to the IPO price, which is giving confidence that the prices of other stocks are also at attractive levels," said Mohamed Radwan, Head of Equity Sales at Pharos Securities in Cairo."
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