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Egyptian shares at new three-year closing high

The benchmark Hermes rose 169.14 points, or 1.7 per cent, to close at 9,956.75 points - its highest close since June 2000. The broader CIBC index .CIBC rose 0.11 points, or 0.1 per cent, to close at 84.34 points. "The main focus in trade today has been Orascom Telecom," said Chahir Hessni, portfolio manager at Delta Securities.

Traders said they were unsure what prompted the rise in OT but some said it may have been helped higher by speculation the firm would win business in Iraq where it has bid for a mobile phone licence. OT said it had no news on the Iraq tender. But the company said on Wednesday it had started talks with Algerian authorities to settle an outstanding bill of $360 million for the purchase of a mobile phone licence.

OT last traded up 2.98 Egyptian pounds ($0.48), or 6.1 per cent, at 51.51 pounds. It officially closed at 51.24 pounds. Traders said Suez Cement posted a rise on expectations another firm, possibly foreign, was in talks to buy a stake in the company. Suez Cement Financial General Manager Mohammed Baha told Reuters he had no knowledge of any party seeking a stake in the firm.