Institutional investors buying stocks like Orascom Telecom (OT), which have fallen in recent sessions, pushed up the Egyptian market, traders said.
Local and foreign institutions were looking for stocks that had strong fundamentals but had fallen to levels considered cheap, the traders said.
The benchmark Hermes index rose 1,520.43 points, or 2.7 percent, to 57,177.19 points. The broader CIBC index climbed 5.32 points, or 2.4 percent, to 227.50 points.
The market was driven by institutional buying in stocks that have fallen, said Mohammed Kotb of Prime Asset Management.
OT shares have fallen about 22 percent since hitting an all-time high on January 22. The stock last changed hands up LE 5.64 ($0.98), or 1.7 percent, at LE 333.
