CAIRO: Egypt s main stock index jumped over 2.5 percent on Wednesday, following global markets higher, with strong gains in Orascom Construction Industries.
Shares in heavyweight OCI surged 4.28 percent to end at LE 114.45 ($20.41), while the benchmark CASE 30 index ended at 3,562.27 points after US stocks bounced back from 12-year lows a day earlier. The rival Hermes index gained 2.11 percent to 338.31 points.
It s basically a continuation of what we have been seeing. The Egyptian market copies the performance of international markets, said Wafik Dawood of Naeem Brokerage.
Mohamed Radwan of Pharos Securities said that OCI, the day s top performer, was seeing institutional interest that was dragging it higher.
Traders said that generally, institutions were sticking to the big cap stocks.
Shares in regional mobile operator Orascom Telecom ended 4.29 percent higher at LE 19.20 while Ezz Steel climbed 4.62 percent to LE 6.57.
Commercial International Bank rose 1.62 percent to LE 34.60, while investment bank EFG-Hermes gained 1.45 percent. EFG-Hermes has lost over 80 percent of its value since January 2008.
Shares in Pioneers Holding, however, dropped 1.07 percent to LE 5.57, and fixed-line monopoly Telecom Egypt lost 0.14 percent to LE 14.20.