Orascom, Obour Land, Raya, MM Group and EKH jump on the stock buybacks wagon: Orascom Development Egypt (ODE), Raya Holding, Obour Land, MM Group, and Egypt Kuwait Holding (EKH) are all lining up to buy back treasury shares in the next few weeks, as several companies are looking to capitalize on new relaxed rules for the purchases. ODE said in an EGX disclosure yesterday (pdf) it plans to buy 11.3 mn in treasury stock, equal to 1% of the company’s total shares, in the coming two months. The other companies have also reportedly expressed interest and are studying the move, Al Mal reports, citing unnamed sources.

Companies have been flocking to treasury stock buybacks, with GB Auto, Palm Hills, and Arabia Investments announcing in the past few days that they are planning buybacks over the next few weeks in a bid to hedge against the current market volatility caused by the covid-19 outbreak. The purchases have also been facilitated by a new temporary rule from the Financial Regulatory Authority allowing listed companies to notify the EGX and purchase the stocks on the same day. The temporary allowance breaks from the previously mandated three-day notice period and is designed to boost trading and hedge against turbulence in equity markets, according to the market regulator.