Egyptian shares advanced, sending the benchmark index up the most in more than 15 months and forcing a 30-minute trading suspension, on speculation the 12 percent decline last week was overdone.
The EGX 30 Index (EGX30) climbed 4.9 percent, the most since December 2009, to 5,195.47 as of 12:05 p.m. in Cairo. Orascom Construction Industries, Egypt’s biggest publicly traded builder, rose for the second day. Commercial International Bank Egypt SAE (COMI), the nation’s largest lender, surged 7.1 percent, the most since July 2010, to 31.89 pounds. The EGX 100 Index rose 7 percent.
“The whole market is cheap,” Ashraf Akhnoukh, senior equity sales trader at Cairo-based Commercial International Brokerage, said before the market opened. “Investors are looking for cheap and safe stocks.” Orascom Construction is a top stock pick because of its “international and regional” operations, he said.
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