Egypt stocks leapt up on Monday, as smaller shares remained the main investor attraction.
The EGX 30, Egypt's benchmark index, increased by 1.05 percent, registering 6341 points. The broader index EGX 70 rose by 0.63 percent.
"The market was positively influenced by the announcement of healthy finances for large listed companies, and by the upgrade of its S&P credit rating," Ashraf Abdel Aziz, head of institutional sales at the Cairo-based Arabia Online Securities, told Ahram Online.
On Friday, the international credit rating agency Standard & Poor's raised its long- and short-term foreign and local currency sovereign credit ratings for Egypt from "CCC+/C" to "B-/B" with a "stable" rating outlook.
"The fact that the market was able to resist negative influences from the assassination news indicates a strong market," added Abdel Aziz.
On Sunday, a senior officer in Egypt's National Security Apparatus was assassinated near his home by unknown assailants. The late Lieutenant Colonel Mohamed Mabrouk was responsible for investigating one of the cases against ousted president Mohamed Morsi, as well as a number of militant cells.
Out of 190 listed stocks, 127 were in the green in a session which concluded with a turnover of listed stocks of LE537 million.
"Smaller shares attract investors because of their low prices, which allow for speculation rather than investment," Eissa Fathy, vice president of the securities division at Cairo's Chamber of Commerce, told Ahram Online.
Non-Arab foreign investors were net sellers of LE52.3 million.
"Most non-Arab foreign investors are institutions which seem to be planning reductions in their investments in Egypt's market," added Fathy.
Commercial International Bank and Global Telecom Holding were among the most active shares, achieving turnover of LE18.5 million and LE24.5 million, respectively.
In the non-banking financial services sector, Arabia Investments, Development, Fin. Inv. Holding Company rose by 5.95 percent while EFG-Hermes inched up 2.08 percent.
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