CAIRO: Egypt’s benchmark index rose for a sixth day, with EFG-Hermes saying market conditions are ripe for a short-term rally.
The index gained 0.5 percent to close at 6,226 points.
"Rising global risk appetite and overall positive second quarter 2010 earnings releases will likely be the immediate catalysts, and we expect that retail investors will join the rally as volumes pick up," EFG said in a note released on Wednesday.
EFG said it is a long-term buyer of Commercial International Bank, Ezz Steel, EIPICO and Talaat Moustafa.
CIB added 2.8 percent.
"CIB has been the best performer of the week. It trades on its own and is one of the strongest stocks in the market," Teymour El-Derini of Naeem Brokerage said. "We are at a resistance level, if the whole global picture continues to be strong, I can see the market continuing in that direction for the next week," Derini added.
Ezz Steel lost 0.9 percent and Talaat Moustafa 0.7 percent. EIPICO gained 0.3 percent.
