DUBAI: Egyptian stocks rose in heavy trade yesterday , buoyed by news of a $4bn plan to build a new Suez Canal alongside the existing waterway, while Emaar Properties pushed down Dubai as the company fell after its second-quarter earnings. Mohamed Radwan, executive director at Pharos Securities in Cairo, said the combination of the Suez Canal news and strong financials was a powerful one and could support another leg up in the market — perhaps a further 10 percent in coming months. The main Egyptian index ended up 1 percent at a six-year closing high of 9,010 points, in its heaviest trading volume since late May. The index is up 33 percent year-to-date.
Meanwhile, Dubai’s index dropped 0.9 percent, dragged down by Emaar, which lost 1.6 percent to Dh9.99.
Reuters
