Nov. 10 (Bloomberg) -- Egyptian stocks advanced the most in almost a month as Credit Suisse Group AG reiterated its “overweight” recommendation for the North African country’s shares and after U.S. stocks rallied yesterday.

Orascom Telecom Holding SAE, the largest mobile-phone company in the region, and Orascom Construction Industries climbed to the highest in a week. The EGX 30 Index rose 2.2 percent to 6,861.37, the biggest gain since Oct. 14. The benchmark is the best performer among Arab equity indexes this year, having gained 49 percent.

“Foreign investors are net buyers, picking up blue chips,” said Teymour El Derini, sales manager for Middle East and North Africa at Cairo-based Naeem Brokerage. The Credit Suisse report and gains in the U.S. are pushing stocks higher, he said.

The Swiss bank reiterated its stance on Egyptian equities, saying the country had the strongest economic growth in “mainstream” Europe, Middle East and Africa, London-based analyst Alexander Redman wrote. Egypt is also likely to make a quick recovery from the global economic crisis, the report said.

U.S. stocks rallied yesterday, sending the Dow Jones Industrial Average to a 13-month high, after the Group of 20 nations agreed to maintain economic stimulus efforts. The Standard and Poor’s 500 Index is up 62 percent from a 12-year low in March.

Sewedy Cables

Orascom Telecom advanced 1.7 percent to 36.27 Egyptian pounds, the highest close since Nov. 2. HSBC Holdings Plc raised its recommendation on the stock to “overweight” from “neutral.”

Orascom Construction, the biggest publicly traded builder in the Middle East, rose for the third day, adding 2.2 percent to 254.08 pounds.

El Sewedy Cables Holding Co. gained the most since Oct. 14, adding 3.4 percent to 71.6 pounds. The biggest publicly traded cables maker in the region was raised to “hold” from “sell” at Citigroup Inc.

To contact the reporter on this story: Mahmoud Kassem in Cairo at mkassem1@bloomberg.net

Last Updated: November 10, 2009 08:17 EST