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Egyptian Shares Rise Most in World as EFG Stake Fuels Optimism

Egyptian stocks advanced the most in the world as investors said they will buy a stake in the country’s biggest investment bank and Saudi Arabia called to raise funds for the nation’s battered economy.

The EGX 30 Index gained 4.7 percent, the biggest jump since July 2013, to close at 8,498.65 in Cairo. That’s the best performance among more than 90 gauges tracked by Bloomberg globally. EFG-Hermes Holding SAE added 9.9 percent after Beltone Financial Holding, Beltone Capital and New Egypt Investment Fund, owned by billionaire Naguib Sawiris, said they’re seeking to buy 20 percent of the bank.

Saudi Arabia’s King Abdullah this week called for an international effort to boost economic aid to Egypt after his ally, former army chief Abdel-Fattah El-Sisi, won a presidential election in the Arab world’s most populous state. The nation’s benchmark stock index has gained 6.7 percent in two days.

“Definitely aid pledges and El-Sisi’s win are contributing to the move, but mergers and acquisitions always trigger a lot of excitement,” Wafik Dawood, director of institutional sales at Cairo-based Mega Investments Securities, said by e-mail.

EFG-Hermes shares were suspended in Cairo yesterday, with the regulator announcing today it had canceled all trades for June 4. Today’s opening price was set at 13.17 pounds.

Beltone Financial soared 9 percent today to 27.38 pounds, the steepest advance since April 1.

The government’s borrowing costs rose at a T-bill auction as yields on 6-month notes climbed 23 basis points to 10.886 percent, while rates on one-year securities added 32 basis points to 11.115%.

Yields on Egypt’s 5.75 Eurobonds due on April 2020 rose one basis point to 4.80 percent, ending 13 days of declines.

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