"There was a rally on the blue chips today... There was an enormous amount of trade done... Partly it was due to the fact that results are coming up and partly because the blue chips were considered cheap," one of the traders said.
Blue chip stocks had fallen to levels considered cheap in the sessions before the Islamic fasting month of Ramadan, when trading hours were shortened, the traders said.
The benchmark Hermes index last traded up 1,716.70 points, or 3.4 percent, at 51,556 points, slightly off an all-time high hit during the session of 51,727.70 points.
The broader CIBC index ended up 3.53 points, or 1.8 percent, to 201.56 points.
OT, one of the day's most actively trade stock in terms of value, last traded up 10.02 Egyptian pounds ($1.74), or 1.7 percent at 595 pounds. Traders expect OT to issue strong third quarter results in the coming weeks.
Orascom Construction Industries (OCI) and EFG-Hermes, both big-cap stocks, were among the most traded stocks in the session.
OCI last traded up 13.48 pounds, or 6.9 percent, at 210 pounds. EFG-Hermes rose 7.22 pounds, or 8.8 percent, to last trade at 88.89 pounds.
interbank rate falls
The median overnight rate on the Egyptian pound fell to 9.25 percent on Sunday from 9.372 percent on Tuesday with demand falling before the end of a central bank reserve rate period, traders said.
Banks secured the funds they needed to meet their needs for the period last week, before a four-day break over the Eid el-Fitr celebrations that marked the end of the Islamic fasting month of Ramadan.
Four out of nine banks contacted by Reuters dealt overnight money at rates of between 9.10 and 9.3125 percent. Overnight rates on Tuesday ranged between 9.20 and 9.4375 percent.
Overnight rates are kept in a corridor by the central bank, which takes overnight deposits at 9 percent and lends at 11 percent. None of the banks had dealt one-week money. On Tuesday only one bank dealt one-week money at 9.4 percent.