Egypt's main index rallied by 1.1 percent Wednesday to reach 6,391 points, buoyed by market bellwether Commercial International Bank (CIB).

The CIB, which accounts for over a fifth of the index market cap, rebounded 2.68 percent to close at LE42.46, after its share price fell by 22 percent in the last three weeks in the midst of an aggressive foreign sell-off. 

"The stock is currently trading at 1.8 times its expected book value, the lowest level since about July 2014, and some might think that this is not justified given the high return on equity achieved by CIB, which is north of 30 percent. So this could have triggered some to step in at current levels," Monsef Morsy, financial sector head at the investment arm of the bank CI Capital, told Ahram Online. 

CIB announced Tuesday that it would issue one bonus share for each four held, as part of a capital increase from LE2.29 billion ($293 million) to LE11.47 billion.

The bank will increase its capital from its reserves and in return will issue 229.4 million shares in the bonus issue at a nominal value of LE10 per share. 

A lack of clarity regarding Egypt's foreign exchange regime and interest rates, as well as regional security concerns stemming from an escalation of the war in Syria, are behind the foreign sell-off, market analysts have said.

Orascom Telecom Media and Technology Holding (OTMT) stabilised at LE0.58 after a week of losses following the deconsolidation of 75 percent-owned North Korean subsidiary Koryolink.

Real estate giant TMG Holding rose 1.17 percent to LE6.07, while Palm Hills Development Company climbed 2.84 percent to LE2.17.

GB Auto saw its share price jump 3.77 percent to LE3.03.