Egypt bourse hits 33-month high
Cairo, October 20, 2013
Cairo's bourse rose to a 33-month high as upbeat regional investor sentiment and a positive global backdrop supported buying after a long holiday.
The index climbed 1.1 per cent to 6,054 points, its highest level since January 2011. It is also now above the key psychological level of 6,000 points.
"We're affected by regional and global markets - volumes spiked earlier in the day but have flattened out," says Mohamed Radwan, director of international sales at Pharos Securities in Cairo.
"There's retail manipulation on mid-caps but the sentiment is positive in general."
Shares in Orascom Telecom Media and Technology Holding and Arabia Investments Development jumped 4.8 and 8.9 per cent respectively.
Elsewhere, most Gulf bourses are also buoyant after global markets hit a five-year high on Friday as investors bet the Federal Reserve would extend its stimulus policy well into 2014.
A last-minute deal by US lawmakers last week to avert a debt default has also improved the mood. - Reuters