Cairo - Mubasher: Elsewedy Electric rose to its highest level since 24 September 2008 on the back of a recent fair value study.
On Monday, Elsewedy Electric said that the board of directors approved the stock's fair value study made by HC Securities and Investment, at EGP 73.8 per share, according to a bourse filing.
The board of directors also approved buying back 3.6 million shares at EGP 62.5 each, with a total value of EGP 225 million.
Elsewedy Electric Company’s stock added 9.99% to the level of EGP 61.39 on Monday’s trading session on the Egyptian Exchange (EGX).
The stock broke the EGP 55 barrier today, to the first time since 2009, this is a very important sign in the meantime, said Mohamed Abdelhakim board member of Masters Securities.
It will now target the level of EGP 72 on the short run, and EGP 85 to 90 on the medium run.
The bank registered 485 million shares in traded volume today with a turnover of EGP 28.8 million.
