By: Heba El-Kordy
Cairo – Mubasher: Cairo Investment and Real Estate Development’s stock jumped by 17% at the beginning of its first trade on the Egyptian Exchange (EGX).
By 10:07 am Cairo time, the stock hit EGP 7.03.
Meanwhile, trading volume on the stock amounted to around 20.9 million shares exchanged at a turnover of EGP 146.4 million.
The stock has succeeded in luring most of the EGX’s liquidity worth EGP 155.34 million.
The benchmark EGX30 index slipped 0.32% to 14,569 points.
The EGX previously stated that trading on Cairo Investment’s stock is set to commence as of 1 October.
The initial public offering (IPO) of Cairo Investment was oversubscribed by 18.87 times.
In September, Cairo Investment said had set an indicative price ranging between EGP 5.45 and EGP 6.3 per share to its stake offered for sale on the Egyptian bourse.
