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TMG's stock tilts to 15-session high

TMG's stock tilts to 15-session high
stock quote has reached the highest level at EGP 6.17 since 18 May (Photo Credit: Company's Website)
TMG Holding
TMGH
-0.83% 58.49 -0.49

Cairo – Mubasher: Talaat Moustafa Group’s (TMG) stock rose 1.2% by 1:10pm Cairo time after Egypt’s administrative court decided to suspend the lawsuit filed by Arab Company for Projects and Urban Development over Madinaty

With 4.5 million shares changing hands at EGP 6.1 each, trading volume crossed EGP 27.5 million through 776 transactions.

The stock reached its highest level at EGP 6.17 since 18 May.

However, the stock performance is not as robust as other blue-chip stocks, said Sameh Gharib, head of technical research at Roots Stock Brokerage House. It immediately rose to EGP 6.17 following appeal suspension, but then moved downwards near that mark, he added.

As a result, “the stock is presently having resistance at the mark of EGP 6.25, above which the stock performance will be bolstered”, the analyst concluded.

Egypt’s administrative court decided to suspend the lawsuit filed by Arab Company for Projects and Urban Development over Madinaty, said Talaat Moustafa Group Holding in a bourse filing.

The court is looking into the lawsuit challenging government contracts under the law no.32/2014, to which the current parliament did not the give the green light, referring the law to the Supreme Constitutional Court. 

The company operates with EGP 20.6 billion distributed over 2.06 billion shares at a par value of EGP 10 each.