Egypt Shares Advance on Global Recovery; Dubai Declines
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Egypt’s benchmark index rose to the highest in almost a month, leading Middle East markets higher, as concern about the global economic recovery eased and earnings in the U.S. boosted investor confidence. Dubai shares declined.
Orascom Telecom Holding SAE of Egypt, the Middle East’s biggest mobile-telephone company by subscribers, advanced to the highest level in two weeks. Naeem Holding, Egypt’s third-largest investment bank, gained the most in more than a month. The EGX30 Index gained 1.4 percent to 6,111.95 at the close in Cairo, the highest level since June 29. The Bloomberg GCC 200 Index slipped 0.2 percent.