EFG-Hermes rises to 7-week high after HSBC purchase: On the way from Cairo

EFG-Hermes Holding SAE (HRHO), the largest listed Arab investment bank, grew at the highest level in almost seven weeks after HSBC Holdings Plc in the Middle East, bought a unit more than 5 percent. The shares of the company, based in Cairo, rose by 3.3 percent to 11.29 Egyptian pounds at the end of 02.30 clock in Cairo, the highest level since 17 This May, the company estimated at 5.4 billion pounds ($ 892 million). The benchmark EGX 30 Index (EGX30) fell by 1.4 percent. HSBC Bank Middle East, Dubai has approximately 32.25 million shares at an average of 15.10 Egyptian pounds purchased on 28 June by Dubai Financial Group LLC. The game was rated at $ 54 million on the transaction date. The agreement "is certainly reinforce the feeling," said Wafik Dawood, Director of Institutional Sales Office in Cairo based on Securities Investment Mega. "This is a reminder that the business remains strong, trading on more cheaply." EFG-Hermes is subject to approval by the supervisory authority of Egypt to make the establishment of a joint venture with investment bank based in Doha, Qinvest LLC after shareholders approved the transaction on 2 June The stock has gained 13 percent this year compared to a margin of 36 percent of the gauge.