EGX 30 rises 1.47% as IPO pipeline and property deal drive momentum

The EGX 30 closed up 1.47% at 52,854.9, with sentiment supported by a faster IPO pipeline, according to waya.media and Arab Finance. EFG Hermes is set to begin promoting the Misr Life Insurance and Egypt Education Platform IPOs in November, after completing its advisory role on MNT-Halan's EGP 7.84 billion listing, which Gulf Business and شبكة تواصل الإخبارية described as Egypt's largest IPO since 2021. Arab Finance also reported that EFG Hermes and CI Capital are set to lead the Banque du Caire IPO after an indicative price range was set. In property, Egypt Today and Middle East Online said Talaat Moustafa Group is to develop 4 projects worth EGP 11 trillion under a $202 billion real estate deal. Abu Qir Fertilizers rose 4.00% ahead of results, while AMOC jumped 5.2% on EGP 219.7 million in turnover, according to ad-hoc-news.de and analyst notes.