Egypt's Hermes index surges 4 percent
Egypt's Hermes Financial Index (HFI) yesterday surged by nearly four percent, mostly as a result of changes in Egypt's weightings of the Morgan Stanley Capital International (MSCI) index.
The HFI rose 331.66 points to 8,672.76, whereas the more extensive CIBC index rose merely one percent to reach 82.49.
Egyptian Company for Mobile Services (MobiNil) was the top gainer of the morning session, trading five percent higher at 100.62, with a total volume of 191,148 shares. Regional mobile phone operator Orascom Telecom also rose by five percent to 50.02 pounds a share.
The MSCI added two companies to its index, namely, Al Ahram Beverages Company and Media Production City Company — the latter entering with a market capitalization factor of 0.2. Media rose five percent by mid-day, up 1.69 pounds to 35.61.
MSCI removed five Egyptian companies from its index — Alexandria National Iron and Steel, Central Egypt Flour Mills, Upper Egypt Flour Mills, General Company for Silos and Storage and National Societe Generale Bank. – (Albawaba-MEBG)
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