(Bloomberg) — Egyptian stocks led gains in the Middle East after the country’s central bank unexpectedly lowered interest rates last week.
The EGX 30 climbed as much as 0.8%, boosted by Commercial International Bank as well as real estate stocks including Palm Hills Developments SAE and Medinet Nasr Housing. The benchmark index had dropped 1.3% last week, its fourth consecutive weekly decline.
Egypt’s Monetary Policy Committee reduced the deposit rate to 8.75% from 9.25% on Thursday after markets had closed. All but two of 11 economists surveyed by Bloomberg predicted