By: Heba El-Kordy
Cairo – Mubasher: Talaat Moustafa Group Holding’s (TMG Holding) stock on Sunday rose to its highest level in 31 months, since May 2015, bolstered by the firm’s positive estimates.
By 1:06 pm Cairo time, TMG Holding jumped 2.51% to EGP 10.22.
The stock broke resistance above EGP 10 on the back of the company’s positive announcements regarding the anticipated higher annual sales, capital market expert Toni Kamal told Mubasher.
On Wednesday, the Egyptian real estate company posted sales of EGP 7.11 billion for the period starting 1 July to 28 November.
Total sales amounted to EGP 12.02 billion in the period from 1 January to 28 November, smashing expectations of the group’s modified annual budget of EGP 11.4 billion, the company indicated.
The company’s sales are forecasted to reach EGP 13 billion by the end of 2017 and to maintain hiking in 2018.
The stock may test the level of EGP 12 by the end of 2017, Kamal added, pointing out that it may easily test its targets if it broke resistance in Sunday’s session.
Blue chips saw an upward wave, topped by TMG Holding and Palm Hills, the expert highlighted.
TMG Holding’s stock rose 11.94% since the beginning of 2017, exchanged through 1.2 billion shares at a turnover of EGP 10.8 billion.
It is worth mentioning that TMG holding had previously posted a 118% rise in third-quarter profits to EP 410.8 million, compared to profits of EGP 188 million in Q3-16.
In the first nine months of 2017, sales surged 72.7% to EGP 9.5 billion from EGP 55 billion in the year-ago period.
Translated by: Mai Ezz El-Din
