MARKET NEWS- State-owned fintech firm e-Finance’s board of directors greenlit a EGP 2.49 bn capital increase through a rights issue to shareholders, according to the company’s disclosure to the EGX (pdf). The increase would be used in part to finance an employee incentive program. The decision requires sign-off from the company’s general assembly. e-Finance debuted on the EGX in a blockbuster IPO that saw the firm raise EGP 5.8 bn.

THE MARKET ROUNDUP-

The EGX30 rose 1.3% at today’s close on turnover of EGP 1.3 bn (15.1% below the 90-day average). Foreign investors were net sellers. The index is up 6.7% YTD.

In the green: Raya Holding (+6.4%), Qalaa Holding (+6%) and EKH-EGP (+3.9%).

In the red: Pioneers Properties (-3.5%), Egyptian Resorts Company (-3.2%) and Mopco (-3%).

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