Shares in Egypt’s Talaat Moustafa Group led Egypt benchmark index higher after an investigation on its Madinaty land deal case was shelved, traders said, although a court case on the dispute continues.
Egypt’s general prosecutor dropped an investigation that included a former housing minister and Talaat Moustafa’s ex-chairman, saying public money was not misused.
The stock gained 3 percent, after rising as much 4 percent in initial business.
"Talaat Moustafa is reacting positively and is leading the market higher today after the prosecutor cancelled (an) investigation regarding the Madinaty project, saying the firm gave the government all benefits of the sale," said Karim Hosny of Pharos Securities.
An Egyptian court will rule on the appeal of Talaat Moustafa’s Madinaty land deal case on Sept. 14, with traders citing renewed hope the deal will go ahead.
Initially, the main index rose 0.5 percent at 6,507 points. But it closed 0.14 percent down at 6,465.08 points.
