Egyptian banks find favour with investors - The National

Egyptian equities closed at the highest level all year as the country’s foreign currency reserves rose and investors bet on the country’s banks. The EGX30 Index of Egyptian equities rose 0.6 per cent to 5,459.92.

The market measure has gained 50.6 per cent since the start of the year, making Egypt the world’s second-best performing stock market after Venezuela.

Lenders led the gains, with National Société Générale Bank, the Egyptian unit of France’s second-biggest bank, rising 10 per cent to 38.24 Egyptian pounds each, having risen by the same amount on Sunday following the announcement of takeover talks with Qatar National Bank.

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