CAIRO: Egypt s main stock index was up 1.1 percent, led by foreign buying in blue chips such as Orascom Construction Industries, which advanced 1.9 percent, and El Sewedy Cables, which advanced 0.1 percent.
There has been lots of buying this week. Blue chips in general are up. Some companies news has been a catalyst, but today s performance is just a continuation of the past couple of days, said Mohamed Helmy, head of foreign sales at HC Securities.
Telecom Egypt s launch this week of a fiber optics network, El Sewedy Cables launch of a new power cables plant in Ethiopia and GB Auto s consideration of issuing corporate bonds have been pushing up the market, Helmy said.
Telecom Egypt advanced 0.1 percent and GB Auto fell 2.3 percent.
The exchange s suspension of trading on 26 small-cap stocks this week until they fulfill certain conditions was also another reason funds were directed to blue chips, Helmy adds.
Overall, the index closes at 7,065 points. -Reuters
