Egypt stocks advanced, pushing the benchmark index to the biggest two-day gain since December, after President Hosni Mubarak appeared on television for the first time since a surgery earlier this month. Orascom Construction Industries, Egypt's largest publicly traded builder, climbed to the highest in a week. Upper Egypt Contracting Co., a low-income developer, rose the most since March 10 and Palm Hills Developments SAE gained as much as 5.5 per cent. The EGX30 Index climbed 1.8 per cent to 6,584.88 at 12:59pm in Cairo. The measure has risen 3.7 per cent in the past two days, poised for the biggest gain since December 14. President Hosni Mubarak appeared on state-run television Tuesday for the first time since undergoing surgery in Germany, ending a public absence that fueled concern about his health and pushed the EGX30 down 6.2 per cent in three days. The president, who has ruled the nation for 28 years, appeared sitting at a table and talking to his doctors after having his gall bladder removed. “Not only did he appear on TV, but he also appeared to be in robust state for an 81-year-old who has undergone surgery,” said Daniel Broby, chief executive officer at SilkInvest Ltd., a London-based investment firm with assets in the Middle East and Africa. “There could potentially be another term for him, which means another period of stability.” Unlike his two predecessors, Mubarak hasn't appointed a vice president and has no designated successor. He has handed power temporarily to Prime Minister Ahmed Nazif. Mubarak is the country's longest serving leader since the overthrow of the monarchy in 1952. Orascom Construction increased 2.9 percent to 244.01 Egyptian pounds. Upper Egypt gained 2.3 percent to 1.35 pounds and Palm Hills, a developer of luxury properties, rose as high as 6.34 pounds. Construction companies are likely to perform well because of “housing shortages” and Egypt's economy, Broby added. He expects the economy to grow 5.5 per cent in 2010.
