Egypt’s main index gained 0.3 percent, led by heavyweight Commercial International Bank (CIB) as banking and telecom stocks rallied, traders said.
CIB jumped 1.3 percent to trade at as much as LE 45.2 per share, its highest in more than a month and up 64 percent year-to-date, as traders said institutions are putting more money into one of the most liquid stocks on the exchange.
"The market has been rallying, and we see interest coming from large caps," Teymour El-Derini of Naeem Brokerage said. "CIB is continuing its run. It is the most liquid stock in the market with a very attractive name and solid numbers."
Orascom Telecom climbed 1.6 percent, as investors see an expedited resolution to its row with the Algerian government over OT’s Algerian unit Djezzy, its biggest revenue earner.
Al-Borsa newspaper reported this week that Djezzy is threatened with collapse within three months, which may speed up talks over the unit, Heba Saleh of Arab Finance Brokerage said.
"I think this is good news not bad because it means OT will speed up the process of taking positive action to solve this problem," Saleh said.
The stock, whose shares are the second most heavily traded stock on the exchange on Monday, has tracked uncertainty over the fate of Djezzy that is complicating a plan to sell most of the Egyptian company to Vimpelcom.
Mobinil inched up 2 percent.
Egyptian Resorts advanced 2 percent, while Talaat Moustafa, Egypt’s biggest listed developer, slid 1.7 percent.
SODIC slipped 2 percent, breaking from a 4.3 jump in Sunday’s trade. The firm approved a five-for-one stock split designed to make it easier for investors to buy and sell its shares.
