Middle East Shares Rise Led by Egypt as Europe Concern Eases - Bloomberg.com

Egypt shares helped lead Middle East markets higher after global stocks rallied as concerns about Europe’s debt crisis eased and the U.S. Federal Reserve said the economic recovery is intact.

Orascom Telecom Holding SAE, the largest mobile-phone company in the Middle East by the number of subscribers, gained 2.3 percent on media reports it’s in talks to sell its African units, excluding Algeria. Egypt’s EGX 30 Index gained 1.9 percent, the most since June 3, to 6,360.37 as of 11:15 a.m. in Cairo. Israel’s TA-25 Index increased 1.4 percent and Abu Dhabi’s ADX General Index rose 1.1 percent.

“Local markets tend to follow global trends,” said Ziad Dabbas, financial analyst at National Bank of Abu Dhabi PJSC, the United Arab Emirates’ second-largest lender by assets. “Today’s movements are following positive global closes toward the end of last week, as they improved investor sentiment.”