Egyptian shares rise on improved investor confidence
CAIRO, May 11 (Reuters) - Egyptian share indexes rose fractionally on Monday, up on improving investor sentiment after a string of positive local corporate news and a bump in U.S. markets as stress test results aided banks.
Commercial International Bank (COMI.CA)(COMIq.L) gained 6.48 percent to 45 Egyptian pounds ($8), to lead the benchmark EGX 30 index .EGX30 up after lagging during recent market rallies.
The market was also buoyed by a range of other factors, brokers said.
"OT yesterday buying back their debt in Pakistan, OCI getting a deal in Algeria today and the $120 million deal they got in Cairo Festival City ... this is all creating positive sentiment in the market," said Ashraf Akhnoukh from CIBC Brokerage.
Orascom Construction Industries (OCIC.CA)(OCICq.L) saw its shares gain 1 percent to 190.10 pounds after the company said it had won $280 million in construction contracts for an Algerian hydrocarbons processing facility. [ID:nLB5696]
Last week, U.S. bank stress test results and optimism on the economy boosted the S&P 500 index into positive territory for the year and the Nasdaq hit its longest run of weekly gains since 1999.
Shares in Egypt Kuwait Holding (EKHO.CA), which reported a 5 percent rise in quarterly net profit on Monday, gained 6.1 percent to $1.57.
The EGX 30 rose 0.5 percent to 5,774.81 points, while the broader EGX 70 index .EGX70 gained 0.3 percent to 630.93 points. ($1 = 5.6196 Egyptian pounds) (Writing by Aziz El-Kaissouni)
