Weakening oil prices helped Egypt's index hit a 6-1/2-year closing high on Wednesday, as bets on property stocks and positive corporate news also buoyed sentiment.

The benchmark added 0.5 percent to 9,856 points, rising above a major chart barrier at 9,831 points, September's multi-year peak, to reach to its highest finish since mid-2008.

A clean break - two straight daily closes above that level - would indicate the index could this year challenge the record high of 12,039 points hit in June 2008.

Global Telecom was one of the main supports, surging its daily 10 percent limit after Algerian news agency TSA cited sources to report that Global Telecom's $2.6 billion deal to sell its stake in local operator Djezzy to the Algerian government had been agreed and would be signed next week.

Falling oil prices have driven a broad rally in the last few weeks, with lower crude prices likely to ease pressure on Egypt's budget and trade balance.

Also, the decision by Egypt's central bank this week to allow a gradual depreciation of the pound has fuelled bets on property stocks on the assumption that Egyptians will use real estate as a hedge against weaker national currency.