Orascom Telecom (OT) led Egyptian stocks up on Wednesday, traders said. Orascom Telecom, the largest Arab mobile operator by subscribers, jumped by 2.61 per cent to LE4.33 ($0.75) per share, they added. The North African country's benchmark index EGX 30 rose by 0.89 per cent, ending the day's trading at 6,713.99 points. The EGX 70, which measures 70 of the country's small and mid caps, added 0.62 per cent to 680.76 points. Commercial International Bank shed 1.44 per cent, closing at LE42.35 per share. Orascom Construction Industries added 2.21 per cent to LE270.98 per share. Meanwhile, world stocks hit a fresh two-year high and emerging equities rose to their highest level since mid-2008 as investors anticipated further Federal Reserve monetary easing would support the global economy, according to Reuters. The Morgan Stanley Capital International (MSCI) world equity index rose as high as 320.05, bringing gains this year to nearly seven per cent. The MSCI emerging equities index hit its highest since June 2008, as the prospect of further quantitative easing drives investors toward higher-yielding assets. Emerging stocks have risen over 20 percent since May, as the prospect of ever-lower US yields forces investors to seek returns elsewhere. "Everyone is waiting for the Fed announcement. In essence, the announcement should be emerging market-supportive," said Dmitry Gourov, EMEA economist at Unicredit in Vienna. Tight spreads have encouraged a flood of emerging sovereign bonds, including from frontier markets. Jordan is holding an investor roadshow this week for a debut international dollar bond, while Nigeria picked Deutsche and Citi as lead managers for its debut bond. Headline Turkish inflation rose in October due to pressure from food prices but annual core CPI declined. Turkey's central bank cut its overnight borrowing rate by 50 basis points last month, but left its policy rate unchanged at 7 percent.
