Egypt Stocks Advance as Economic Reforms Trump Plane Hijacking

Egyptian equities were headed for their best month since 2012 as optimism over the nation’s economic program overshadowed concern over a hijacked EgyptAir flight.

The EGX30 Index climbed 1 percent to 7,567.46 at the close. That brings the gauge’s increase this month to 23 percent, the steepest jump since January 2012. Global Telecom Holding led the advance on Tuesday as about 12 million shares traded, or 60 percent more than the stock’s six-month average. The hijacked plane, an EgyptAir flight from Alexandria to Cairo, was diverted to Larnaca by a passenger claiming to be wearing an explosive belt. He was arrested hours after landing in Cyprus.