CAIRO: Egypt’s main index jumped 3.4 percent, adding to a 7 percent surge on Thursday on relief that pro-democracy protests last week took place without major violence.
Some stocks were suspended briefly from trading after hitting upward price limits. Traders said the market has still to price in bigger gains by the global depositary receipts of some top Egyptian companies.
"Foreigners are still net buyers in low volume," said Omar Darwish of brokerage CIBC. "There is relief that there was no significant violence over the weekend."
Orascom Telecom saw by far the biggest volume, jumping 6.3 percent, while Commercial International Bank advanced 4.3 percent and Ezz Steel 3.6 percent.
"We’re catching up with Friday’s gains by GDR’s as local stocks are limited to a 10 percent ceiling," said Darwish.
Maridive and Oil Services was suspended limit-up after saying it won a series of contracts in Brazil worth $234 million.