Dec. 25 (Bloomberg) -- Egyptian stocks advanced the most in almost four weeks after weekend protests against the military’s rule were peaceful and the bourse said competing political parties will open tomorrow’s trading session.
Citadel Capital SAE, a Cairo-based private equity
firm, rose 2.7 percent. Orascom Construction Industries, the country’s
largest publicly traded builder, climbed the most since Nov. 29. The
benchmark EGX 30 Index jumped 1.9 percent, the biggest advance this
month, to 3,683.66 at the 2:30 p.m. close in Cairo. In the Persian
Gulf, Dubai’s DFM General Index slid to the lowest level in more than
seven years.
The Bloomberg GCC 200 Index, which tracks the largest 200
companies in the region, gained 0.2 percent.
“The fact that different political factions are
joining hands to open the exchange tomorrow is giving a morale boost
for investors that they will back up the stock market and the economy
despite their differences,” Mohamed Radwan, head of international sales
at Cairo-based Pharos Holding for Financial Investment, said by
telephone.
Egyptian shares had dropped 7.8 percent amid five
days of violence that began Dec. 16 as security forces tried to
disperse protesters camped out in central Cairo for about a month.
Moody’s Investors Service cut Egypt’s rating last week to B2, five
levels below investment grade, citing the government’s deteriorating
finances and the “unsettled political situation.”
United Open
The Egyptian Exchange said yesterday political
parties including the affiliate of the Muslim Brotherhood, the Freedom
and Justice Party and several secular parties would open tomorrow’s
session.
Citadel rose to 2.68 Egyptian pounds, the biggest
gain since Nov. 29. The Cairo-based private-equity firm said it will
sign a $325 million agreement with Citigroup Inc. to refinance debt and
fund expansion. Orascom climbed 2.5 percent to 201.86 pounds.
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