Egypt's market achieved its highest level since July 2008, lifted by foreign buying as the central bank continues to devalue the pound, a financial analyst told Ahram Online.

Benchmark index, EGX30, increased 1.12 percent on Wednesday passing the 10,000 threshold with daily stock turnover reaching almost LE400 million during the first two hours of trade.

"Foreigners are encouraged by the central bank's measures to devalue the pound in a bid to eliminate the black market," said Eissa Fathy, vice head of the securities division at Cairo Chamber of Commerce.

Egypt's central bank, which sets the exchange rates at which banks can trade, has devalued the pound to 7.53 per dollar from 7.14 per dollar over ten consecutive auctions.

The central bank move aims at narrowing the gap between the unofficial rate and the official rate to end the black market soon, Hisham Ramez, the governor of the central bank, told Reuters on Tuesday.