Egypt’s benchmark stock index rose for an eighth day, leading an advance in Middle Eastern markets, as accelerating economic growth and gains in global markets boosted investor sentiment. Abu Dhabi shares declined.
Orascom Telecom Holding SAE of Egypt, the Middle East’s biggest mobile telephone company by subscribers, climbed to the highest in a month. Egypt’s EGX30 Index gained 0.9 percent to 6,371.14 at 1:17 p.m. in Cairo, the highest since June 22. The measure has gained 7.7 percent in the past eight days, matching the longest winning streak since April 2008. Abu Dhabi Commercial Bank PJSC declined after posting a loss, helping push Abu Dhabi stocks lower.
“Surely economic performance is giving investors more confidence in the market,” said Cairo-based Alia Khalil, senior equity trader at Naeem Brokerage. “However, you have to keep in mind that EGX30 has been carefully shadowing its peers overseas in terms of performance.”
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