Egypt’s stocks climbed to the highest level in more than five months after a protest against the president and the Muslim Brotherhood failed to rally mass support and the constitution neared completion.
The benchmark EGX 30 Index advanced 0.7 percent to 5,253.41 at 12:44 p.m. in Cairo, the highest intraday level since March 13. In the Persian Gulf, Abu Dhabi’s ADX General Index rose for an 11th day, the longest winning streak in almost six months, gaining 0.2 percent. Dubai’s DFM General Index decreased 1 percent. The Bloomberg GCC 200 Index was little changed at 1:45 p.m. in Riyadh.
Protests that were planned for over the weekend in Cairo and Alexandria against President Mohamed Mursi and his allies were largely peaceful. A draft of the constitution will be ready to be put to a referendum by late September and Egyptians will go to the polls to vote for parliament members within two months after its approval, Prime Minister Hisham Qandil said yesterday.
“It is clear now that the majority of Egyptians are willing to give Mursi the benefit of the doubt until the end of” his first 100 days in office, Wafik Dawood, director of institutional sales at Cairo-based Mega Investments Securities, said by phone. “At that point the real opposition is going to show up. Not the few thousands that showed up over the weekend.”
Loan Talks
Mursi consolidated power this month by forcing into retirement the country’s top two generals, a move that wasn’t contested by the military. The North African nation also restarted loan talks with the International Monetary Fund as it seeks to end more than 18 months of political and economic unrest.Commercial International Bank Egypt SAE (COMI), the country’s biggest publicly traded lender, gained 1.2 percent to 29.2 Egyptian pounds, heading for the highest close in more than a month. The bank was removed from Standard and Poor’s negative watch and had its B credit rating affirmed.
Dubai’s DP World (DPW) lost 1.5 percent, the most in almost two weeks, to 10.2 dirhams. The world’s third-largest ports operator had its contract canceled by Yemen’s Gulf of Aden Ports, according to the country’s state news agency.
Saudi Arabia’s Tadawul All Share Index and Kuwait’s SE Price Index fell 0.2 percent while Oman’s MSM30 Index declined less than 0.1 percent. Qatar’s QE Index added 0.1 percent.
In Israel, the benchmark TA-25 Index (SASEIDX) advanced 0.2 percent and the yield on the nation’s benchmark 5.5 percent bonds maturing in January 2022 climbed 1 basis point to 4.14 percent.
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