Egyptian shares reached an all-time high on Sunday as news of a stock split in Orascom Construction Industries (OCI) and rumours that Orascom Telecom (OT) may follow suit boosted the shares, traders said.
The benchmark Hermes index rose 1.9 percent, or 306.79 points, to be last quoted at 16,532.45 points - an all-time high. The previous lifetime high was 16,448.52 points in February 1997.
The broader CIBC index was virtually unchanged, last quoted up 0.04 points at 97.96 points.
Traders said even with US and European markets closed on Sunday, buying in OCI continued after the firm approved a stock split where shareholders will get an additional share for every share held on a date yet to be determined.
OCI was the highest net gainer and second highest percentage gainer on the bourse on Sunday, jumping 5.69 Egyptian pounds ($0.92), or 5.2 percent, to last trade at 114.98 pounds and officially close at 113.98 pounds.
Traders also said the OCI stock split and the high prices being seen in market heavyweight telecoms shares had fuelled rumours they could follow suit.
An OT official said the firm was not for the moment considering a stock split.
OT rose 3.96 pounds, or 3.1 percent, to last trade at 133.51 pounds and officially close at 133.16 pounds. MobiNil, also known as the Egyptian Company for Mobile Services, last traded up 3.41 pounds at 97.70. It officially closed at 97.59.