EFG-Hermes collapses to 8-year low as the MSCI round ends: Cairo Mover

  EFG-Hermes Holding SAE, the biggest investment bank in Egypt, fell to its lowest level in eight years after his exclusion from the MSCI Egypt Index sell prompted.

The stock fell 1.4 percent to 8.75 Egyptian pounds by the end of Cairo, the lowest level since June 2005. The volume of trade today 31 million shares was 14 times the daily average of three months, the highest in 11 months, according to data compiled by Bloomberg. The benchmark EGX 30 Index rose 1.9 percent.

EFG-Hermes has dropped 12 percent since MSCI Inc. said that it is removed from the index of the land of Egypt. Compared to a decline of 0.3 percent for the EGX 30 The company is reducing staff to reduce costs by about a third in the next year under a plan to cut costs, said two people familiar with the matter this week. Attempted takeover by Qatar QInvest LLC. fell through earlier this month.

"The decline of the MSCI trigger an automatic sale for the following index investors," said El-Derini Teymur, director of the Middle East and North Africa sales trading at Naeem Brokerage, based in Cairo. "But at least we have a large buyer, which occurred about 10 million shares, there is always an obvious interest in the company has seen."

Egyptian Kuwaiti Holding was, private equity firm based in Cairo also removed from the MSCI North African country today suspended from trading, announced after the loss of 21 percent since MSCI, the rebalancing of the indices 15 May