A stock and cash dividend helped Misr International Bank (MIBank) climb on Sunday on an otherwise flat stock exchange, market participants said.
CIBC banking analyst Mohamed Hamdi said a MIBank shareholder meeting on Saturday had approved a 2003 dividend of 2.50 Egyptian pounds ($0.40) per share. The meeting had also approved a one-for-one stock dividend, he said.
Bank officials could not immediately be reached for comment.
Traders said the dividend had helped the stock up 1.83 pounds, or 5.2 percent, to last trade at 36.80 pounds. The official weighted close was 36.86 pounds.
The broader Hermes index was last quoted 14.71 points, or 0.1 percent, higher at 13,971.43 points. The broader CIBC index slipped 0.05 points, or 0.1 percent, to end at 86.90 points.
Traders also said Oriental Weavers had been boosted by what a company spokesman said was the firm's proposal to issue a 2003 dividend of 1.50 pounds per share and one share for every three existing shares. The spokesman said the proposal would be put to a shareholder meeting on March 31.
Oriental Weavers shares last traded and officially close 2.90 pounds, or five percent higher, at 60.90 pounds.
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