Egypt's benchmark extended gains yesterday after most names in the new government were made public, raising hopes among investors for an end to 17 months of policy paralysis since the overthrow of President Hosni Mubarak.
Other Gulf markets also rose on the back of some estimate-beating earnings and support from European markets. Egypt's index ended 1.5 percent higher at a new four-week high.
Elsewhere, telecom operator Etisalat helped lift Abu Dhabi's index to a 16-week closing high, while Dubai's benchmark also extended gains as property-related stocks support.
Etisalat, the Gulf's No.2 telecoms operator, climbs 0.5 percent to take its gains to 11.1 percent since mid-April's three-year low.
Abu Dhabi's index climbs 0.4 percent to its highest finish since April 12. It is up 4.8 percent in 2012, the third-best performing Gulf benchmark, behind Dubai, up 14.4 percent, and Saudi Arabia up 7.2 percent.
Dubai's index rose 0.3 percent to its highest close since May 8.
In Kuwait, the index ended little changed, hovering at Tuesday's six-and-a-half-month low.
In Oman, the measure rallied 1.3 percent, halting a nine-session losing streak.
In Saudi Arabia, the Tadawul All-Share Index climbed 0.2 percent to 6,893 points. The Qatari benchmark climbed 0.2 percent to 8,318 points.
Saudi plans to double power generation
Saudi Arabia is currently overseeing the largest electrical supply expansion plan in the Middle East, with plans to increase generating capacity from 55 GW to 120 GW by 2020, said the organisers of a