CAIRO: Money left over from an IPO of Telecom Egypt shares pushed up stocks popular with retail investors Sunday, but big-cap declines pulled down the benchmark Hermes index, brokers said.
Arab Cotton Ginning and investment bank EFG-Hermes benefited from the returning cash, which investors had set aside for the heavily oversubscribed IPO, which ended Wednesday.
Arab Cotton Ginning ended the day 7.5 percent higher at 23.10 Egyptian pounds ($4.02), while EFG-Hermes climbed 6.6 percent to last trade at 114 pounds.
“There’s too much money coming back from Telecom Egypt and everyone is wondering what to do with it.
Many orders for those shares helped to hold the market up, said Mansour Abdel-Hadi of Al-Nour Securities.
Yasser Hassanein of Dynamic Securities said he estimated that investors holding 1.5 billion pounds may have already come back to the market or were looking for shares to buy. – Reuters
