Palm Hills surges 8.1%, leads most actives as Chairman cleared of graft

EGX-listed Palm Hills stock has skyrocketed 8.12% to EGP 2.53, leading way on gains, in the first half of today’s session.It hit a session-high of EGP 2.54.

Spearheading top actives across the board, the stock recorded a traded volume of 12.749 million shares – the biggest since June 13th – exchanged in 1332 transactions at an overall value of EGP 31.429 million. Bids outnumbered offers by 5.272 million shares to 921.158 thousand shares.

The realty developer’s shares were powered by the verdict issued by Cairo Criminal Court on acquitting the former Minister of Housing, Ahmed Al-Maghrabi; Chairman of Akhbarelyom Mohammed A. Fadli; Palm Hills’ Chairman, Yassin Mansour and Wahid Metwally of illicit gains and profiteering charges.