Orascom Construction Industries jumped to a record intraday high on Monday helped by institutional buying, lifting Egypt’s Hermes index to a fresh closing high.
OCI gained 0.66 percent to end at 452 Egyptian pounds ($80.14) after touching 462 pounds during the session. Institutions were anticipating the company’s expansion plans would boost earnings, said Yasser Hassanein of Dynamic Securities.
"There is room for the stock to go further upward," Hassanein said. "There is a good growth story behind the company and people see value in the stock."
The company, which reported a 46 per cent jump in first-half earnings this month, is investing in cement plants in South Africa, North Korea, and Syria.