Turkey's finance minister to visit Egypt for first time in 9 years    Finland and Sweden formally apply to join NATO alliance    Shell acquires Block 3 in North East El-Amriya, Egypt    Egypt's foreign inflows grow 30% since pound correction move in March – c.bank governor    Twitter board eagers to close Musk's deal, despite spam pots percentage    Saudi Arabia prolongs Yemen central bank's deposit    Egypt Knauf launches its first training centre in Egypt    Egypt uncovers official logo for COP27    Noura Al-Mutair – first Gulf female boxer in World Championships    Egypt unveils 50 pound coin minted to mark Avenue of Sphinxes grand reopening    Liverpool fans: "You'll Never Walk Alone" to Cristiano Ronaldo    Hot, rainy weather hits Egypt this week    COVID-19 in Egypt: infections fall to 124 cases last week    Realme announces Global Photography Contest 2022    Egypt to play key role in integrating water, climate issues globally – World Bank official    Egypt's telecoms regulator announces working hours for holy month of Ramadan    Maha karara joins AAIB as Head of Corporate Communications, Sustainability    Egypt works on charting cooperation strategies with international institutions for 5 years: Al-Mashat    Over 2.4 million newborns examined for hearing impairment: Health Ministry    Netflix releases trailer of Arab adaption of 'Perfect Strangers' film    Balqees to headline concert celebrating launch of streaming giant LIVENow in MENA    Sawsan Badr to be honoured at Aswan Women Film Festival    MP Abdel Hady Al-Qasby calls government to facilitate and support NGOs    Al-Sisi follows up on 'Great Transfiguration Project' in St. Catherine    Cairo, London stress need to strengthen cooperation to face climate change    Foreigners account for 22.6% of Egypt's T-bills issuances in 1H 2021: CBE    Egypt's ambassador to Italy passes away    Egypt confirms readiness to help African countries face terrorism and extremism    An estimated 235 million people needed humanitarian assistance and protection in 2021, an increase of 40% compared to 2020: IOM Egypt    Egypt, DRC discuss water cooperation during WYF    Egypt, DR Congo discuss boosting bilateral cooperation during WYF    Cameroonian police probe assault on three Algerian journalists covering AFCON    Pharaohs start AFCON 2021 campaign with fierce clash against Nigeria    Foreign Ministry opens capacity building course for French-speaking African diplomats    Egypt's trade with Nile basin countries climbs 26% y-o-y in 9 months    Ethiopia halts work at its embassy in Egypt for 'economic reasons'    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    

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Egypt's market up; Dubai's Emaar at 6-month high

DUBAI/CAIRO: Egypt's index extended gains for a second day after investor appetite was boosted by Monday's announcement by the country's military rulers that they wanted to bring the presidential vote forward.
Twenty-five of the benchmark index's 30 stocks rose. The benchmark advanced 2.7 percent to 4,709 points, just shy of a year-high close of 4,713 points earlier this month.
The military council said it would allow presidential candidates to register starting on March 10 in what could be a response to protesters' demands for a swift end to military rule.
Registration was previously scheduled to open in about mid-April for a vote that was due to take place by the end of June.
"Bringing the elections date forward gave the market a big push, showing that transfer of power to civilian rule is on track," said Mohamed Kotb of Naeem Brokerage.
Orascom Telecom Media and Technology (OTMT) surged 9.9 percent after its founder Naguib Sawiris detailed new expansion plans in Europe, the Middle East and Africa in a Reuters interview on Tuesday.
OTMT's subsidiary mobile phone company Mobinil jumped 10 percent on talk that share holdings between the two companies would be reorganized. Mobinil officials were not immediately available to comment.
Commercial International Bank, Egypt's biggest listed lender, gained 1.3 percent and Orascom Construction added 2.7 percent.
Meanwhile, Dubai's Emaar Properties climbed to a six-month high over hopes of strong earnings as most Gulf markets advanced on Wednesday.
Emaar, which is expected to report its earnings in the next few days, climbed 3.2 percent to its highest close since Aug 4.
"Good numbers are expected from Emaar and investors are also hoping for good dividends," says Nadi Bargouti, head of asset management at SHUAA Asset Management.
The builder of the world's tallest tower, the Burj Khalifa, has already gained over 9 percent this year.
Analysts polled by Reuters on average expect Emaar to post a 74 percent increase in fourth-quarter profit.
Other property stocks declined. Arabtec dropped 1.5 percent, trimming its 2011 gains to 67.3 percent. Deyaar fell 2.1 percent and Union Properties lost 1.4 percent.
Most Gulf indices advanced, tracking gains in European shares, which rose after markets priced in a successful outcome to Greek debt talks.
In Saudi Arabia, the index also advanced, reaching a 21-month high, as petrochemical and banking stocks led a rally.
Samba Financial Group led the gains, climbing 3.1 percent and Al Rajhi Bank added 0.7 percent.
Petrochemical stocks also advanced, as oil prices rose.
Brent crude oil rose to six-month highs on Wednesday, propelled by falling inventories in the United States, optimism of a deal to bail out Greece and tension between Iran and the West.
Heavyweight Saudi Basic Industries Corp added 0.5 percent.
The index gained 0.8 percent to end at its highest close since May 2010.

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