Egypt Shares Rise on Cabinet Reshuffle - Bloomberg

Egypt’s shares rose, heading for the highest close in a week, as the Arab country reshuffles its cabinet to placate protesters demanding faster change five months after a revolt ousted the president.

Commercial International Bank, the country’s biggest publicly-traded lender, jumped 2.8 percent. Pioneers Holding (PIOH), a financial services firm, climbed to the highest intraday level in a week. The benchmark EGX 30 Index (EGX30) advanced 2.1 percent to 5,206.55 at 1:55 p.m. in Cairo, poised for the highest close since July 10. Dubai’s benchmark measure fell for a second day and Israel’s TA-25 Index lost 0.2 percent.

“Investors are anticipating the cabinet reshuffle will calm the protests down,” said Tamer Nigm, head of sales and trading at Cairo-based Watheeqa Securities Brokerage. “But the market is trading at very low volumes, so the situation remains volatile.” About 50 million shares traded on the Egyptian Exchange today compared with a daily average of 99 million shares since trading resumed on March 23 after a near two-month suspension amid the unrest.

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