By: Heba El-Kordy
Cairo – Mubasher: Al Baraka Bank Egypt’s stock jumped to the highest level on Wednesday on the back of cash dividend distributions amid expectations of rising to 30%.
By 1:43 pm Cairo time, the banks’ stock leaped 7.51% to EGP 14.6.
Al Baraka Bank has been able to break above EGP 13.6 and EGP 13.7 on the back of the positive news, technical analyst at Jazira Securities Brokerage Ahmed Thabet told Mubasher.
The stock is projected to see a short-term upward trend between EGP 15.5 and EGP 15.7, Thabet added, pointing out that it may surpass these levels in the short term.
Meanwhile, about EGP 7.2 million were traded on the stock through 497,000 transactions.
The stock is likely to maintain rising over the coming period and hover around EGP 18 and EGP 19 in the long term, bolstered by cash dividend distributions, he indicated.
Al Baraka Bank Egypt’s capital amounts to EGP 1.26 billion distributed over 180.9 million shares at a par value of EGP 7 per value.
Pharos Research has maintained the lender’s fair value (FV) at EGP 16.5 per share, with an Overweight recommendation.
Translated by: Mai Ezz El-Din
