MIDEAST STOCKS-Egypt crosses key level as financials rise; Gulf mkts mixed | Reuters:
"Feb 23 (Reuters) - Egypt's bourse surged on Sunday to a new 65-month high and crossed a key psychological level as improving financial outlook lifted sentiment, while Gulf shares were mixed.
Cairo's EFG-Hermes surged 6.9 percent to its highest since March 2012 in a delayed reaction to the improved outlook in its asset management business.
The firm said last week it would expand assets under management in Egypt by 25 percent in 2014.
"Egypt has been seeing increased volumes and moves and it's about time EFG caught up with the market, reflecting the growth in the asset management industry," said Mohamed Radwan, director of international sales at Pharos Securities."
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