CAIRO: Egypt’s benchmark share index inched up 0.9 percent led by the banking sector on positive global sentiment after the US Federal Reserve announced its $600 billion asset buying plan last week.
Talaat Moustafa Group (TMG), Egypt’s biggest listed developer, rose 1.3 percent in early trade. The company has been mired in a row over its flagship $3 billion Madinaty project since a court ruled in June the contract was illegal.
A state newspaper said on Sunday a new lawsuit was filed by a citizen demanding that Egypt’s prime minister and housing minister put up the Madinaty land for public auction.
“I think there will be some panic based on this news but then the market will pick up for the rest of the day,” said Heba Salah of Beltone Financial.
The banking sector led gainers. EFG Hermes, Egypt’s largest listed investment bank, rose 3.5 percent, Pioneers Holding gained 1.7 percent and Citadel Capital was up 2.3 percent. The index, EGX30, rose 1 percent to 6,829 points.
