Egypt stocks climbed to the highest level since January, led by Six of October Development & Investment (OCDI) Co., on investor speculation declines in real-estate shares last month were overdone given growth prospects.
Six of October, a luxury developer, jumped 8 percent, trimming the drop since trading resumed March 23 after an almost two-month suspension to 15 percent. Palm Hills Developments SAE (PHDC), a Cairo-based property company, gained for the first time in 10 trading days. Egypt’s EGX 30 Index (EGX30) advanced 1.7 percent to 5,558.64 at the 2:30 p.m. close in Cairo. The index has lost 1.6 percent since trading resumed. Dubai’s measure fell today, while Israel’s benchmark index rose 0.8 percent.
“Real-estate stocks are attractive as they have become extremely discounted,” said Ashraf Akhnoukh, senior equity sales trader at Cairo-based Commercial International Brokerage. “The sector was the worst performer since the market resumed trading.”
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