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Egyptian GDRs slip on LSE in November

Egyptian GDRs slip on LSE in November
Photo Credit: Arabianeye-Reuters

Cairo-Mubasher: Egypt’s global depository receipts (GDRs) declined on London Stock Exchange (LSE) in November.

The GDRs of Commercial International Bank (CIB) – Egypt dropped by 20% to $4.68, compared with $5.85 at the beginning of the month.

Meanwhile, CIB stock tumbled 16.5% on the Egyptian Exchange (EGX) to EGP 44.11, with a turnover of EGP 1.99 billion.

EFG-Hermes’ GDRs also fell 26% on LSE from $2.3 to $1.7. The investment bank’s stock dived 13.8% on Cairo bourse to EGP 7.76, recording a turnover of EGP 519 million.

OTMT’s GDRs declined 6.1% from $0.56 to $0.52. The stock slid 34.9% on the Egyptian bourse to EGP 0.54, with a turnover of EGP 821 million.

Similarly, Global Telecom’s GDRs edged down 0.7% to $1.125, compared with $1.160 in early November. The stock fell by 14.4% to EGP 1.60, with a turnover of EGP 249.2 million.

Telecom Egypt’s GDRs fell slightly from $4.50 to $4.49. The stock dipped 9.7% to EGP 6.22, recording a turnover of EGP 135.5 million.