CAIRO: Main Egyptian stock indexes gained more than 1 percent on Wednesday, led by small cap shares, as investors seeking bargains lifted global markets from multi-year lows.
Shares in El Kahera Housing rose 3.4 percent to LE 4.57 ($0.81) after investment bank Pioneers Holding said it was conducting a study on whether to buy a stake in the real estate firm.
Shares in Pioneers Holding last traded 0.60 percent up at LE 5.29.
(International) markets stabilized today and there is a wave of optimism here about small companies, said Mohamed Fouad, executive director of Global Capital.
Textile company Arab Polvara jumped 9.6 percent to LE 2.75. Shares in the company have risen 24.4 percent since it announced on March 1 that it was studying the possible use of its land in real estate development.
There are strong flows from local institutions on textile companies, said Karim Hosny, trader at Pharos Securities.
The benchmark EGX 30 rose 1.19 percent to 3,559.09 points. The rival Hermes index gained 1.30 percent to 340.91 points, while the broader EGX 70 rose 1.62 percent to 443.10 points.
