CAIRO: Egypt’s index ended slightly higher, buoyed by a quieter political environment and news of an agreement to boost Europe’s bailout fund to €1 trillion ($1.38 trillion).
The benchmark index climbed 0.5 percent to 4,339.8 points.
Egypt’s streets have been relatively free of big political protests since Oct. 9 when clashes between the army and Coptic Christian demonstrators left 27 people dead.
The EGX30 tumbled to its lowest since March 2009 after the violence.
"There is a lot of improvement in the sentiment of investors mainly because of the quieter political atmosphere," said Hisham Metwalli, a trader at Arab Finance Brokerage.
"Plans announced for Europe … will also have a positive effect on the market here," he said.
Real estate stocks gained, with Talaat Mostafa Group ending 1.4 percent up and Palm Hills gaining 5.3 percent. Those two companies soaked up the biggest trading volume on the Egyptian Exchange.
"Real estate stocks were boosted by several statements made by the government that they have plans to go into partnerships with the private sector to build residential units in a long-term plan," Metwalli said.
Widening graft probes and multiple cases have brought real estate companies, including Talaat Mostafa and Palm Hills, former government officials and business executives to court and hampered investments in the sector.
An Egyptian court said on Tuesday it would reach a verdict in the land dispute case involving Talaat Mostafa’s $3 billion Madinaty project on Nov. 22. TMG was the third most traded stock of the day.
"There was also speculation that the government will not take away land from Talaat Moustafa but that it would re-negotiate the price with the company which would be positive," Metwalli said.
