Egypt's e-finance Jumps 10% in Second Trading Session

The share of e-finance for financial and digital investments continued to rise in its second session on the Egyptian Stock Exchange (EGX), to more than 10%, topping the entire trading.

At the end of today's session, the Egyptian company's share rose by 10.33% at a price of EGP 2.17 per share.

The trading volume on the stock during today's session topped the stock exchange's trading and debuted to more than a third of the market's trading with a turnover of 18.25 million shares, valued at EGP 427.48 million.

e-Finance's stock witnessed a strong performance during its first session on the stock market, to close with a rise of more than 50%, amid the momentum of liquidity.

The stock exchange had announced earlier that trading on the shares of e-finance will start from the trading session on October 20, without being bound by the price limits or the temporary suspension mechanisms during that session only.

The stock exchange stated: "The opening price was offered at EGP 13.98 per share, provided that trading takes place as of the next trading session in accordance with the mechanisms in which the security is listed."

It added that the stock will be included in List A, which is permitted to engage in specialized activities on the listed securities, as of October 24. The company's total trading value registered in the private deals market amounted to EGP 1.58 billion shares.

e-finance had said that the price range for the company's initial public offering ranged between EGP 12.50 and EGP 13.98 per share.