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Egyptian shares climb, Talaat Moustafa retreats

Egyptian shares climb, Talaat Moustafa retreats - Egypt - Real Estate - Share

Egypt's main stock index .EGX30 climbed almost 2 percent on Sunday, driven higher by retail investors buoyed by gains in international markets.

Bucking the trend, shares in Talaat Moustafa (TMGH.CA) slid after the company denied rumours that Kuwaiti investors were looking for a stake. That talk drove the stock up last week.

Shares in the real estate firm slid more than 3 percent to close at 4.58 Egyptian pounds ($0.81).

"The rumour was denied, that is why (Talaat Moustafa) is down," said Karim Hosny, an account manager at Pharos Securities.

Overall, the main index rose 87.89 points, or almost 1.8 percent, to finish at 5,075.19 points.



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