Egypt’s benchmark stock index headed for the highest close in more than a month after EFG-Hermes Holding SAE (HRHO) and Qatar’s QInvest LLC said they plan to create an investment bank in Egypt.
EFG-Hermes shares were suspended by the bourse pending the release of more information. Talaat Moustafa Group (TMGH) Holding, the country’s biggest publicly traded real estate developer climbed 5.3 percent. Commercial International Bank Egypt SAE (COMI), also known as CIB, rose for the first time in three days. The EGX 30 Index (EGX30) gained 1.2 percent to 4,987.44 at 12:28 p.m. in Cairo, poised for the highest close since March 29.
EFG-Hermes, the biggest publicly traded Arab investment bank, said May 4 it agreed to start an investment bank that will be 60 percent owned by the Qatari company. QInvest, a unit of Qatar Islamic Bank (QIBK), will invest $250 million in the venture. The bourse canceled all March 3 trades in EFG-Hermes, without giving a reason. The stock is up 31 percent this year, compared with a 38 percent gain for the EGX 30.
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