Egypt Shares Rise to Monthly High on Earnings, Global Recovery - BusinessWeek

Egypt’s benchmark rose to the highest this month, leading a rally in Middle East markets, as concern about the global economic recovery faded and earnings in the Gulf boosted investor confidence. Israel stocks also gained.

The EGX 30 Index advanced 1.4 percent to 6,112.96 at 1:16 p.m. in Cairo, the highest intraday level since June 30, led by Commercial International Bank Egypt SAE, the biggest publicly traded bank in the country. Citadel Capital Corp. increased as much as 2.4 percent after one of its subsidiaries announced signing a $130 million contract to build a cement plant. The Bloomberg GCC 200 Index climbed 0.5 percent.

The International Monetary Fund raised its global growth forecast last week and lower-than-estimated U.S. jobless claims boosted optimism that the economy will avoid slipping back into recession. The Standard & Poor’s 500 Index gained 0.7 percent on July 9, bringing the jump for the week to 5.4 percent. Saudi Arabia’s Tadawul All Share Index surged the most in a month yesterday and advanced 0.7 percent today.