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Egypt’s EGX 30 Up Most Since Nov. as Investors Target Dividends
CAIRO (Capital Markets in Africa) – Egypt’s EGX 30 rises 1.2% to 14,953.17 in Cairo on Monday, the most since Nov. 28; Investors looking for income in the form of dividends, says Sherif Shebl, equities trader at Pharos Holding for Financial Investments in Cairo.
- 18 shares advance, nine drop and three are unchanged
- CIB up 3.2%, contributes most to index gain
- Biggest increase in almost a year
- Highest level since Nov. 2
- NOTE: Lender is the biggest individual member of EGX 30, with 32.6% weighting
- Talaat Moustafa +1.6%; Palm Hills Developments +3.4%; Eastern Tobacco +0.9%; Sidi Kerir Petrochemicals +2%; ElSewedy Electric +1.1%
- Investors are taking New Year positions, and CIB is a proxy for Egypt’s market, Shebl says.
- “People are betting that banking shares will do well this year given the high t-bill rates”
- Investors building positions ahead of earnings especially on names including Palm Hills, Emaar Misr For Development and Abu Dhabi Islamic Bank – Egypt