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Tuesday, 16 May 2017

MIDEAST STOCKS-Egypt's EFG, TMGH diverge on MSCI changes; Gulf firm with oil at $52 | Reuters

MIDEAST STOCKS-Egypt's EFG, TMGH diverge on MSCI changes; Gulf firm with oil at $52 | Reuters:

"Shares of Egypt's EFG Hermes and Talaat Mostafa diverged sharply on Tuesday on news that MSCI will swap the shares in its main Egyptian index, while Gulf equity markets were firm with the Brent oil price at $52 a barrel. Overnight, MSCI said it would include investment bank EFG Hermes in its MSCI Egypt Index but remove real estate developer Talaat Mostafa Group, downgrading it to the small-cap index. The changes will take effect on June 1. EFG, which on Monday reported a near-tripling of first quarter net income and a more than doubling of operating revenue, surged 8.8 percent while TMGH slumped 9.8 percent."



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