By: Heba El-Kordy
Cairo – Mubasher: The heavyweight Commercial International Bank's (CIB) stock jumped by 3.94% to EGP 84.12 at 10:37 am Cairo time, touching its highest level in seven months, in line with the announcement of cash dividend distributions.
The CIB is targeting resistance at EGP 85 and EGP 85.5 after breaking through EGP 82 per share, technical analyst at Jazira Securities Brokerage Ahmed Thabet said.
The stock may break above its targets at EGP 91 and EGP 100 over the coming period, Thabet forecast.
Meanwhile, the benchmark EGX30 index soared 352.31 points, or 2.2%, to 16,374.57 points.
CIB’s ordinary general meeting (OGM) has approved a cash dividend distribution of EGP 1 per share and bonus shares at a 1-for-4 ratio.
Translated by: Mai Ezz El-Din
