Egyptian shares rallied the most in seven weeks after the government moved to appease demonstrators in several cities and former ministers were jailed for wasting public funds.
The benchmark EGX30 Index gained 2.4 percent, the most since May 29, to 5,092.18 at the 2:30pm close in Cairo.
Orascom Telecom Holding SAE, North Africa’s biggest mobile phone company by subscribers, rose the most since 22 May. Orascom Construction Industries advanced 2 percent.
Prime Minister Essam Sharaf said he will change members of his cabinet within five days and will resign if the move fails.
The Supreme Judicial Council on Tuesday recommended broadcasting trials of former government officials for alleged corruption and killing of protesters during the January uprising that ousted President Hosni Mubarak.
“The market is rallying because of the concessions given by the military, such as the revamp of police, the cabinet reshuffle and the planned televised trials of ex-regime figures,” said Wafik Dawood, director of institutional sales at Cairo-based Mega Investments Securities.
Hundreds of protesters continued a sit-in in Cairo’s Tahrir Square and at least three other cities for a sixth day. They are demanding a speedy trial of officials linked to the previous regime and police officers accused of killing civilians during the uprising.
A court on Tuesday handed down sentences ranging from one to 10 years to former government officials, including Prime Minister Ahmed Nazif, after they were convicted of wasting public funds by awarding a contract for motor vehicle license plates without holding a public tender.
Orascom Telecom gained 3.4 percent to 3.97 Egyptian pounds. Orascom Construction, the country’s biggest publicly traded builder, gained the most since 9 June to 255.97 pounds.
