Egypt’s benchmark index rose to the highest since January 2011, leading gains in the Middle East, as the U.S. Federal Reserve’s plan to buy mortgage securities outweighed concern over violent protests in the region.
EFG-Hermes Holding SAE rallied to the highest level since May after shareholders approved the creation of an investment bank with Qatar’s QInvest. In Dubai, Emaar Properties PJSC (EMAAR), developer of the world’s tallest tower, climbed 3.2 percent. Egypt’s EGX 30 Index surged 2.8 percent to 5,821.75, the highest since January 2011, at the close in Cairo. The DFM General Index (DFMGI) rose 1.4 percent, Abu Dhabi’s index increased 0.8 percent and the Bloomberg GCC 200 Index (BGCC200) added 0.1 percent.
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