Egypt Shares Gain Most in Three Weeks on Emerging Market Demand
This article is for subscribers only.
Egypt’s shares climbed the most in almost three weeks, leading a rally in the Middle East on rising investor demand for emerging market assets. Oil last week rose the most since February, helping push Gulf stocks higher.
Commercial International Bank Egypt SAE, the country’s biggest publicly traded lender, climbed to the highest in 13 years and Orascom Telecom Holding SAE surged the most in four months. The EGX 30 Index advanced 1.5 percent, the most since Sept. 13, to 6,736.24 at the 2:30 p.m. close in Cairo. The Bloomberg GCC 200 Index of Gulf stocks rose 0.4 percent. Israel’s benchmark index gained 0.4.