Egypt's main listed stocks gained a whopping 4.7 percent on Thursday, recording 8,498 points to end the trading week with the highest positive change in nearly a year.
Eissa Fathy, vice head of the securities division at Cairo Chamber of Commerce, told Ahram Online that the rise is attributed to Arab Gulf states' plans to shower Egypt with billions of dollars in the coming months following the official inauguration of the country's president-elect Abdel-Fattah El-Sisi.
On Tuesday, Saudi Arabia's King Abdullah hailed El-Sisi's election by calling for a donors conference to help Egypt through its economic troubles.
Fathy also pointed to the congratulations El-Sisi has received from several countries worldwide, proof of what he says is "global recognition of the 30 June  revolution, which reinforced investors' confidence."
On the other hand, Egypt's financial watchdog said it is studying an offer made by Beltone Financial and New Egypt Investment Fund B.V. to acquire a 20-percent stake in Egypt’s biggest investment fund EFG-Hermes in a deal worth LE1.8 billion ($256 million).
Bloomberg reported earlier on Thursday that it had received a text message from the Egyptian billionaire Naguib Sawiris confirming that he is the owner of the Amsterdam-based New Egypt Investment B.V.
The deal had positive notes on most of the listed securities, led by EFG-Hermes, which increased 7.1 percent to close at LE14.4 per share.
Beltone Financial Holding surged 9 percent to close at LE27.6 per share.
The market's broader index EGX70 went up 3.7 percent in a session that saw a significant daily turnover of listed securities worth some LE1.2 billion.
Domestic and foreign investors bought LE1.3 million and LE30 million worth of shares.
The blue-chip share Commercial International Bank (CIB) rose 2.5 percent to register LE36.4 per share.
Global Telecom (GT) and Telecom Egypt (TE) went up 5.8 percent and 5.3 percent to close at LE5.6 and LE14.4 per share respectively.
Real estate developers all rose, led by Talaat Mustafa Group (TMG), Palm Hills Development (PHD) and Six of October Development and Investment (SODIC), which increased 6.2 percent, 5.1 percent and 8 percent to register LE9.3, LE4.5 and LE30.7 per share, respectively.