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.
A Court Ruling In Favor Of Barwa
On April last year, Barwa Real Estate Group announced that a court ruling by Dubai International Arbitration Centre has been issued to obligate Barwa International Company and The Green City Compan
Doha Bank may sell bonds to raise capital
Qatar's Doha Bank could issue a capital-boosting bond instead of shares as planned, although it was evaluating the best route to help raise core capital, its chief executive said.
NASDAQ Dubai welcomes EIFB as a member
Emirates Islamic Financial Brokerage (EIFB), one of the UAE's leading Shari'a compliant brokers, has become a Member of NASDAQ Dubai, the region's international exchange.