Egyptian stocks advanced to the highest in more than four months after protests marking the first anniversary of the uprising that toppled Hosni Mubarak were held peacefully.
Orascom Telecom Holding SAE (ORTE), the Egyptian mobile-phone company that was split into two units, rallied 6.9 percent. Commercial International Bank (COMI), the biggest publicly traded lender in Egypt, jumped to the highest in almost two months. The EGX30 Index (EGX30) surged 2.3 percent to 4,535.18, the highest since Sept. 13, at the 2:30 p.m. close in Cairo, bringing its gain for the year to 25 percent. The measure is still down 20 percent in the past 12 months.
“It is definitely a deserved rally given the market performance since the revolution, but at current levels we think investors might have gotten carried away,” said Wafik Dawood, director of institutional sales at Cairo-based Mega Investments Securities. “Some feared the weekend would turn violent as protesters insisted on a sit-in” and are now relieved, he said.
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