By: Heba El Kordi

Cairo – Mubasher: Palm Hills Development’s (PHD) stock surged to its highest level in over three years or since September 2014 after the company said it would disclose its results for the first nine months of the year on 2 November.

By 11:40 am Cairo time, PHD’s stock grew 6.23% to EGP 3.59. Turnover on the stock amounted to EGP 121.8 million, after 33.9 million shares changed hands.

Commenting on the stock’s performance, market analyst Tony Kamal told Mubasher that he expects the stock to break resistance at EGP 3.6 this week.

Should the stock surpass resistance, till target EGP 4 till the end of the year, marking a 10% rise.

Since the start of 2017, Palm Hills’ stock surged 15.16%, registering a turnover of EGP 7.17 billion and 2.2 billion shares traded.

As for the impact of the flotation on PHD’s stock, Kamal told Mubasher that the impact “was not over yet”, noting that the stock was only able to benefit by 70% of the flotation decision.

PHD last reported a profit of EGP 137.03 million in the second quarter of 2017, a rise from EGP 63.9 million in the year-ago period, while taking into account minority shareholders’ rights.

Translated by: Nada Adel Sobhi