CAIRO: Egypt’s benchmark index ended a 10-day losing streak caused by the country’s political turbulence which had dragged it to its lowest level in 32 months.
Traders say investors saw bargains after the heavy losses triggered by the violent street clashes that had the country’s ruling military council struggling to bring order days before a parliamentary election.
The index closed 1.1 percent higher at 3,717 points.
"This move upwards happened after the extreme declines that have been happening since Thursday and so it was expected that the market rebounds, as prices had reached very attractive levels," Tamer Mohamed of Cairo Capital Securities said.
Talaat Mostafa closed 4.7 percent up after a court ruled on Tuesday that the land contract for the firm’s $3 billion Madinaty project was valid, ending a long legal battle.
"TMG shares made their big move starting yesterday but the shares that really helped the index upwards today were shares like Orascom Construction and Commercial International Bank," Mohamed said.
Orascom Construction Industries advanced 1.9 percent, while Commercial International Bank gained 0.8 percent.
"As long as the Tahrir Square problem still exists, though, the rebound will be short-lived," Mohamed said.
