Egyptian Shares Climb After Military Presents Timetable to Transfer Power - Bloomberg

Egypt’s shares rallied the most in almost two weeks as local newspapers reported the ruling military council agreed on a timetable to transfer power.

Orascom Construction Industries, the country’s biggest publicly traded builder, rose 1.6 percent. Cairo Poultry Co. (POUL) soared to the highest intraday level in almost a week after EFG- Hermes Holding SAE raised the company to “buy.” The benchmark EGX30 Index gained 1.8 percent, the most since Sept. 20, to 4,213.52 at 12:33 p.m. in Cairo. The gauge lost 23 percent in the third quarter. In the Persian Gulf, the Bloomberg GCC 200 Index (BGCC200) of shares fell 0.2 percent today.

The military agreed to amend the elections law to allow political party candidates to run for seats set aside for independents, Al Ahram newspaper reported. Presidential elections will take place 45 to 60 days after a constitutional referendum, it said. Several thousand protesters rallied in Cairo on Sept. 30 to demand the ruling military council end a state of emergency and announce a time frame.

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