Egyptian stocks advanced the most in almost four weeks after weekend protests against the military’s rule were peaceful and the bourse said competing political parties will open tomorrow’s trading session.
Citadel Capital SAE, a Cairo-based private equity firm, rose 2.7 percent. Orascom Construction Industries (OCIC), the country’s largest publicly traded builder, climbed the most since Nov. 29. The benchmark EGX 30 Index (EGX30) jumped 1.9 percent, the biggest advance this month, to 3,683.66 at the 2:30 p.m. close in Cairo. In the Persian Gulf, Dubai’s DFM General Index (DFMGI) slid to the lowest level in more than seven years. The Bloomberg GCC 200 Index, which tracks the largest 200 companies in the region, gained 0.2 percent.
“The fact that different political factions are joining hands to open the exchange tomorrow is giving a morale boost for investors that they will back up the stock market and the economy despite their differences,” Mohamed Radwan, head of international sales at Cairo-based Pharos Holding for Financial Investment, said by telephone.
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