Egypt extends rally on positive news

The Cairo benchmark added 1.5 percent as property names, beaten down in a series of sell-offs earlier this year, led gains

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Egypt’s stock market rose in early trade on Thursday, supported by positive news from companies as well as by technical factors.

The Cairo benchmark added 1.5 percent as property names, beaten down in a series of sell-offs earlier this year, led gains.

Amer Group surged 7.0 percent to 1.07 pounds, rising above its late June and early July peak of 1.03 Egyptian pounds.

Telecom Egypt jumped 2.3 percent after the firm’s chairman told the Mubasher news website that it was in talks with Vodafone Egypt for the release of about 1.5 billion pounds ($192 million) of the latter’s retained earnings. Telecom Egypt has a 45 percent stake in Vodafone Egypt.

Arab Cotton Ginning rose 2.0 percent after the government said late on Wednesday that it had reversed a decision to halt cotton imports. The stock dropped 10 percent last week when the ban was announced.

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