The stock exchange hit a two-week high on Thursday after Qatar and Libya pledged US$5 billion in funding to a cash-strapped Egypt, while most Gulf markets also gain in earnings anticipation. Qatari Prime Minister Sheikh Hamad bin Jassim al-Thani said Qatar would provide an extra US$3 billion on top of some US$5 billion the Gulf state has already given Cairo. Later on Wednesday, the state news agency MENA reported that neighbouring Libya had signed an agreement to give Cairo a US$2 billion five-year interest-free loan. Cairo's main index climbed 1.5 percent, its highest since 25 March. The index is down 4.2 percent year-to-date, underperforming Gulf markets. "Resistance levels for the Index initially appear at 5,290, followed by 5,425," Pharos Holding said in a note. "Until the market manages to surmount the latter level, those who are invested in the market are advised to hold, with the view to reduce exposure close to resistance." Foreign investors aggressively cut exposure to Egypt as the country's finances slipped into critical territory. The remained net buyers on Thursday, bourse data showed. Orascom Telecom climbed 1.6 percent to LE4.57. The stock is up 5 percent this month, rallying after Baskindale, a Cyprus-based subsidiary of Russian billionaire Mikhail Fridman's Altimo, made a US$3.7 billion offer for all of Orascom Telecom at US$0.70 per share. The Financial Supervisory Authority said it is studying the tender offer submitted by Baskindale.
