News that former Communications Minister Ahmed Nazif will be the country's new prime minister pushed up Egyptian stocks on Sunday, including Media Production City which has fallen in recent sessions, traders said.
"There were mainly retail investors in the market today (Sunday) reacting positively to the news Ahmed Nazif will be made prime minister," said Delta Securities' Mohamed Radwan.
The benchmark Hermes index rose 339.81 points, or 2.3 percent, to end at 14,981.10 points. The broader CIBC index climbed 1.38 points, or 1.5 percent, to 95.84 points.
"Media Production City is only up because it's popular with retail investors who are reacting to the news about Ahmed Nazif," said another of the traders.
Media Production City has fallen in recent sessions following a lack of news about the company's plans to list on the Dubai stock exchange. Company officials could not be immediately reached for comment.
The firm, one of the day's most actively traded stocks, last traded up 0.77 pounds, or 4.9 percent, at 16.51 pounds and officially closed at 16.45 pounds.
The traders said MobiNil, also known as the Egyptian Company for Mobile Services, outperformed the rest of the market because of market expectations it will post strong second-quarter results on Tuesday.
The firm last traded up 4.37 pounds, or 5.6 percent, at 82.15 pounds and officially closed at 81.11 pounds.