CAIRO: Egypt’s bourse bounced back from a two-session decline as estimate-beating earnings lifted sentiment on Thursday and most Gulf markets rallied as buying momentum continued despite a weaker global backdrop.
Commercial International Bank, one of Egypt’s largest, surged 8.1 percent after its fourth-quarter net profit fell by a less-than-anticipated 9 percent.
Telecom Egypt rose 1.6 percent despite a 6.8 percent fall in 2011 earnings. Analysts praised cost cuts that kept its profit margin flat despite lower revenue.
Its finance chief said the company saw revenues little changed in 2012 and it aimed to maintain profitability similar to last year’s as it continues to reduce costs.
“People are picking up names that got good results,” said Teymour El-Derini of Naeem Brokerage, noting an increase in the number of foreign investors in the market this week.
Orascom Telecom Media Technology (OTMT) climbed 5.8 percent after it said it hoped to wrap up within a few weeks talks with France Telecom over the sale of the bulk of its stake in Egyptian mobile operator Mobinil. Shares in Mobinil gained 2.9 percent.
The index rose 2.5 percent.