Egypt's stocks rebounded on Thursday, reversing Wednesday's downward trend, after Egyptian Planning Minister Ashraf El-Arabi voiced expectations that a proposed IMF loan would soon be finalised.
On Thursday, El-Arabi told state news agency MENA that the government expected to reach a final agreement with the multilateral lending institution "within two weeks" over the terms of a $4.8 billion rescue loan.
The minister also clarified that Cairo had not requested an increase in the amount of the loan, which is seen as necessary to reverse Egypt's deepening economic crisis.
The benchmark EGX30 index rose by 1.1 percent on Thursday to reach 4,985 points in a session that saw Egyptian investors net-buying to the tune of some LE8.1 million.
Foreign investors, meanwhile, remained net sellers, offloading some LE13.7 million in stocks.
El-Arabi's positive outlook regarding the IMF loan bolstered the performance of heavyweight shares, led by Commercial International Bank, which rose by 2.7 percent.
Blue-chip stock Orascom Construction Industries, for its part, rose by 1.8 percent, along with telecoms giant Orascom Telecom, which enjoyed a slight 0.1-percent increase.
The country's largest investment bank, EFG-Hermes, was among the day's few losers, plunging by about 1 percent.
The investment bank recorded net losses of LE21 million in the fourth quarter of last year, with profits down by some 32 percent on the corresponding quarter in 2011.
Leading property stocks all recovered on Thursday, with Talaat Mostafa Group, Palm Hills and SODIC rising by 1.3, 0.5 and 2 percent, respectively.
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