Traders work at the Egyptian stock exchange in Cairo, in this February 2, 2014 (Reuters)
Egyptian stocks rallied on Wednesday as foreign investors bought into the market after a correction earlier this week.
The benchmark EGX30 index rose 1.22 percent to 7,421 points with Arab investors the main net-buyers to the tune of EGP 51.4 million, followed by non-Arab foreign investors to the tune of EGP 13.3 million.
Landline operator Telecom Egypt saw its share price rise 1.34 percent to EGP 8.34. The company told the EGX that it would distribute a cash dividend of EGP 0.75 per share on 28 April, from profits realised in the year ending on 31 December 2015.
Market bellwether Commercial International Bank rose 0.61 percent to EGP 39.73, while the second largest listed stock, Global Telecom Holding, jumped 3.07 percent to EGP 3.02.
Real estate developer TMG Holding was up 0.82 percent to EGP 6.18, and Emaar Misr for Development rose 1.60 percent to EGP 2.54. Six of October Development and Investment (SODIC) rose 2.02 percent to close at EGP 10.61, while Palm Hills Development Company inched up 0.76 percent to EGP 2.65 a share.