CAIRO: Egypt s main index gained more than one percent for its highest close since September last year as heavyweight Orascom Construction (OCI) gained 3 percent, overshadowing an otherwise cautious market, traders said.
It is against the cautious sentiment, said Karim Hosny from Pharos Securities, referring to OCI. It is a market leader and it is strong fundamentally.
One of the only other strong gainers was Commercial International Bank, a defensive stock that generally outperforms a weak market, according to brokers. It ended 3.8 percent higher.
The index finished up 1.2 percent at 7,189 points.
The index is a bit misleading because of these two stocks; the market was relatively weak, Hosny added.
Traders said the overall sentiment in the market was cautious and volumes low as the index hovered around the critical 7,000 market and some investors fear the end of the recent rally.
