Middle East shares rose, with Egypt’s benchmark stock index gaining the most in almost two weeks, as global markets advanced after President Barack Obama said al- Qaeda leader Osama bin Laden was killed.
EFG-Hermes Holding SAE, Egypt’s biggest publicly traded investment bank, climbed as much as 5.8 percent and Commercial International Bank Egypt SAE rose for a second day. In Saudi Arabia, Rabigh Refining and Petrochemicals Co. increased the most in a week. Egypt’s EGX 30 stock index climbed 1 percent, the most since April 19, to 5,051.49 at 1:15 p.m. in Cairo. Saudi Arabia’s Tadawul All Share Index added 0.4 percent and the Bloomberg GCC 200 Index of companies in the six countries of Gulf Corporation Council added 0.3 percent.
“News of Bin Laden’s death is giving international markets a good feeling, which in turn is trickling down into our region,” said Amro Halwani, a senior trader at Shuaa Capital PSC in Riyadh. “The euphoria will most probably be short lived as investors realize this was more of a political stunt that will have little effect on international or regional political stability.”
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