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Cairo: Shares in Orascom Construction Industries powered Egypt's benchmark index above 10,000 points for the first time in its history on Tuesday.
The index, which has risen 43 per cent this year, climbed above 10,000 points during the session before closing at 9,998.24 points, up 1.4 per cent.
"Foreign and Arab investors are buying," said Tarek Al Khayyat, senior trader at Delta Securities. "Our market is one of the best in the Mena region in terms of company growth."
Shares in Orascom Construction, which posted a 40 per cent rise in nine-month net income last month, gained 2.1 per cent to 527.05 Egyptian pounds ($95.30).
Rumours that the company may split its stock, divide itself into separate cement and construction firms, or give a special dividend were driving the stock, said traders including Teymour Al Derini at Beltone Financial. "All three rumours are positive for the stock," he said.
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