CAIRO - Egypt's benchmark stock index rose Sunday for an eighth day, leading an advance in Middle Eastern markets, as accelerating economic growth and gains in global markets boosted investor sentiment. Abu Dhabi shares declined. Orascom Telecom Holding SAE of Egypt, the Middle East's biggest mobile telephone company by subscribers, climbed to the highest in a month. Egypt's EGX30 Index gained 0.9 per cent to 6,371.14 in Cairo, the highest since June 22. The measure has gained 7.7 per cent in the past eight days, matching the longest winning streak since April 2008. Abu Dhabi Commercial Bank PJSC declined after posting a loss, helping push Abu Dhabi stocks lower. “Surely economic performance is giving investors more confidence in the market,” said Cairo-based Alia Khalil, senior equity trader at Naeem Brokerage. “However, you have to keep in mind that EGX30 has been carefully shadowing its peers overseas in terms of performance.” Asian stocks rose for the fourth consecutive week, the longest winning streak in four months, as company earnings reports boosted confidence in the strength of the global economy. The MSCI Emerging Markets Index rose 1 percent last week. Egyptian economic growth accelerated to 5.9 per cent in the second quarter, boosted by construction and telecommunications, Economic Development Minister Osman Mohamed Osman said July 28. The economy expanded 5.8 per cent in the first quarter of the year, Osman said in May. The central bank on July 29 held its benchmark interest rate at a four-year low for the seventh straight meeting. Orascom Telecom gained 1.4 per cent to 5.23 Egyptian pounds, the highest since June 28. Ezz Steel, Egypt's biggest publicly traded steelmaker, advanced for an eighth day, rising 0.7 per cent to 18.20 pounds. Al Mal newspaper said the company raised its ex-factory steel price in August by 1.4 per cent to 3,600 Egyptian pounds ($633) per ton. Saudi Arabia's Tadawul All Share Index gained 0.5 per cent, Oman's measure increased 0.6 per cent and the Kuwait Stock Exchange Index rose less than 0.1 per cent. Abu Dhabi's ADX General Index fell for a third day, dropping 0.4 per cent, as ADCB PJSC, the United Arab Emirates' third-biggest bank by assets, and Aldar Properties PJSC had second-quarter losses. Dubai's DFM General Index lost 0.1 per cent.
