Housing sector stocks, boosted by expected expansion in the sector, helped the Egyptian bourse to a higher close on Sunday. Orascom Telecom , which is due to release its 2005 results on Monday, also climbed, along with EFG-Hermes.
The benchmark Hermes index rose 803.81 points, or 1.4 percent, to 58,323.90 points. The broader CIBC index climbed 2.27 points, or 1 percent, to 232.18 points.
The Hermes index is still 16 percent below the record high of 69,830.78 points it touched on January 23.
"The sentiment is good these days. Everyone thinks the market is cheap at these levels," one trader said. "Everyone is expecting stocks to bounce back to the old levels," he said.
Four housing stocks led the top gainers. Medinet Nasr Housing gained 10.92 Egyptian pounds ($1.90), or 13.5 percent, to finish at 91.99 pounds.
Shams Housing and Development rose 2.62 pounds, or 23 percent, to 13.90 pounds.
"Everybody is expecting a boom in real estate in '06," Mohamed Kotb of Prime Securities said.
Orascom Telecom shares rose 6.85 pounds, or 2.1 percent, to 335.05 pounds. The firm's 2005 results are due out before 10.00 a.m. (0800 GMT). "This might give another push," Kotb said. EFG-Hermes rose 4.08 pounds, or 7 percent, to 62.50 pounds.
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