Egypt, Israel Shares Advance on Global Recovery; Dubai Drops on Earnings - Bloomberg

Egypt’s benchmark rose to the highest in almost one month, leading Middle East markets higher, as concern about the global economic recovery eased and earnings in the U.S. boosted investor confidence. Dubai shares declined.

Orascom Telecom Holding SAE of Egypt, the Middle East’s biggest mobile telephone company by subscribers, advanced to the highest level in more than a week. Delek Real Estate Ltd., Israeli billionaire Isaac Tshuva’s real estate company, jumped the most in three weeks. Egypt’s EGX30 Index gained 1.6 percent to 6,127.79 as of 11:55 a.m. in Cairo, the highest intraday level since June 29. Israel’s TA-25 Index rose 0.7 percent to 1,126.59, the highest in more than a month.

“We’re continuing to catch up with the positive movements in the U.S. and European markets,” said Cairo-based Amr Elfeky, head of technical analysis at Cairo Capital Securities.