EFG-Hermes, Telecom Egypt climb on bourse

Daily Star Egypt Staff
2 Min Read

CAIRO: A rally in EFG-Hermes Holdings and Telecom Egypt helped the stock market edge higher on Wednesday, brokers said. The benchmark Hermes index climbed 401.94 points, or 0.7 percent, to 58,345.66 points. The broader CIBC index ended broadly level at 230.50 points. The Case 30 index rose 33.32 points, or 0.5 percent, to 6,834.56 points. The confidence is back, one trader said. Telecom Egypt climbed LE 1.05 ($0.18), or 6.8 percent, to LE 16.56 on rumors that it would soon bid for the country s third mobile phone license. People are hearing that Telecom Egypt will go into the bidding process for the third mobile license in Egypt, Mohammed Kotb of Prime Asset Management said. Telecom Egypt Financial Officer Ali Salama told Reuters the firm was still studying whether to bid and had not yet decided. EFG-Hermes shares climbed LE 4.40, or 6.8 percent, to LE 68.98. People are saying that they will get the Saudi license very soon, Kotb said. The investment bank s Head of Investor Relations Nermeen Ameen said the firm expected to secure the license but it was not guaranteed. Elsewhere, shares in Sidi Kerir Petrochemicals rose 3.3 percent to LE 123. Traders said this was because of a decision taken at the firm s annual general meeting on Tuesday to boost dividend per share to LE 6 from LE 5.25. Reuters

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