Arab Cotton Ginning pulled the Egyptian stock market up on Sunday after the exchange announced that a capital increase was heavily oversubscribed. The exchange said in a statement that applicants would receive 8.12 percent of the shares they sought, implying that applications outnumbered the shares available about 12 times.
Arab Cotton Ginning last traded at 8.74 Egyptian pounds ($1.51), 9.7 percent up on the day.
Arab Polyvara, another textile company, rose in sympathy, last trading 7.7 percent higher at 6.55 pounds.
"The capital increase was oversubscribed so investors went back to the market for more shares, and most of them were not successful," said Mohamed Radwan of Delta Securities.
The benchmark Hermes index rose 194.08 points, or 0.5 percent, to 43,146.66 points. The broader CIBC index rose 1.28 points or 0.9 percent to 144.44 points.
Orascom Construction Industries (OCI) (OCIC.CA last traded 1.8 percent down at 173.06 pounds. Sister company Orascom Telecom (OT) was 0.4 percent off at 587.00 pounds in unusually thin trade.
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