Stocks of ACI and Kabo to rally, Ezz Steel to pay EGP40 dividend

Tuesday 03 July 2018 09:57 PM

Stocks rise
Stocks rise

By Asmaa El-Sayed & Ragab Ezz El-Deen
Stocks of the Arab  Company for Investments and El-Nasr Clothing & Textiles Co. ( Kabo) were recommended by Al-Naeem Research Unit to rally during the upcoming trades on the two stocks.
ACI managed to cross the resistance level at EGP0.86 amid high trading volumes, suggesting the stock to advance towards EGP0.92, according to Al-Naeem which advised traders to buy the stock at EGP0.82.
Kabo stock managed lately to bounce back towards EGP1.90, said Al-Naeem which advised traders to buy the stock at EGP1.65.
The Egyptian Stock Exchange ended Tuesday's trades on an up note amid heavy purchases led by Egyptians.
EGX30 rose by 0.36% to 16421pts, EGX70 by 0.31% to 807pts, the broader EGX100 by 0.16% to 2064pts, EGX50 by 0.87% to 2762pts, and EGX20 by 0.29% to 16558pts.
On the same vein, Ezz Steel-Alexandria announced the distribution of a cash dividend worth EGP40 per stock  as of July 22.
The right to the dividend will expire for stockholders at the end of Tuesday's session.
Dividends to be paid out to shareholders amount to EGP534.5mln and those issued to workers to EGP59.3mln.