CAIRO: Egypt s main stock indexes followed global stocks up on Thursday as growing confidence saw foreign investors buy into blue chip stocks.
World stocks rose more than one percent on Thursday to their 2009 highs as investors bet on a stabilization of the world banking system, emerging markets and the global economy at large.
You have foreign investors, foreign institutions and you have retail. Both are heavily active. Foreign institutions are definitely always buying the blue chips, said Hashem Ghoneim of Pyramids Capital.
Shares in Orascom Construction, which said on Wednesday its joint venture with Al-Futtaim Carillion had secured a $340 million deal to build a retail center in Cairo, gained 2.1 percent to LE 178.05 ($31.64).
Orascom Telecom s shares gained 5.64 percent to LE 33.50, and investment bank EFG-Hermes shares gained 5.1 percent to LE 23.50.
The benchmark EGX 30 index rose 3.3 percent to 5,507.43 points, while the broader EGX 70 rose 1.3 percent to 610.66.
