Egypt's shares rallied to a one-month high as the US and Saudi Arabia pledged a total of $6 billion (Dh22bn) in support for the North African country recovering from the aftermath of a popular uprising that ousted its president.
Orascom Telecom Holding SAE surged as much as 8.9 per cent after Deutsche Bank AG raised the country's biggest mobile-phone operator to "buy." Ezz Steel, Egypt's largest producer of the metal, soared 7 per cent. The EGX 30 Index climbed 1.7 per cent to 5,335.96, the highest intraday level since April 14, at 11:15am in Cairo. The index has tumbled 25 per cent this year. The EGX 100 Index increased 2.1 per cent.
Saudi Arabia's assistance will be granted in "soft loans, deposits and grants," the state-run Saudi Press Agency said yesterday, citing a statement by Egyptian Field Marshal Mohamed Hussein Tantawi, who heads the ruling military council. US President Barack Obama last week pledged aid for Egypt that included $1bn in loan guarantees through the Overseas Private Investment Corporation and a cancellation of $1bn in debt, about a third of what the nation owes the US.
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