Egypt’s stock market rallies after peaceful demonstrations

Egypt's stock exchange continued its rally on Sunday after a 7 percent surge in the previous session on relief that pro-democracy protests last week took place without major violence. 

Some stocks were even briefly suspended after hitting upward price limits, and traders said the market still had to price in bigger gains by the global depositary receipts of some top Egyptian companies.

"Foreigners are still net buyers in low volume," said Omar Darwish of brokerage CIBC. "There is relief that there was no significant violence over the weekend."

Orascom Telecom jumped 4.2 percent and Commercial International Bank ended 3.9 percent higher. Maridive and Oil Services was suspended limit-up after saying it won contracts in Brazil worth US$234 million.

The main index rose 2.3 percent, its fifth consecutive gain.

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