Egypt's main stock indexes edged up to new all-time closing highs for the fourth consecutive session on Thursday, led by small caps.

"Many small caps moved up today compensating for the sideways trading of  market heavyweights," Eissa Fathi Eissa of the Strategic Company for Securities said.

The benchmark Case 30 index gained 0.3 percent to 8,957.52 points and the well watched Hermes index rose 0.4 percent to 78,867.30 points while the broader CIBC index was up 0.9 percent to 396.85 points  -- all record closing highs.

On top of CASE 30 performers was Housing and Development Bank <HDBK>, gaining 7.1 percent to last trade at 59.99 Egyptian pounds ($10.81).

The bank said on Thursday it has proposed to triple its licensed capital to 3 billion Egyptian pounds and to raise its licensed capital from 1 billion pounds and its paid-in capital to 1.15 billion pounds from 550 million pounds.

Brokers said investors received the news as a new signal of good fundamentals in the banking sector. The sector has been leading the market up in the last two months on consolidation activity.

Other financial stocks also did well as Al Arafa investments and Consulting Group surged 8 percent to $1.75, while Credit Agricole Bank gained 1 percent to 20.12 pounds.

But Commercial International Bank was in the red losing 0.8 percent to last trade at 79.90 pounds.

Shares of El Sewedy Cables were 5 percent up to 106 pounds. Eissa said investors are paying more attention now to the good fundamentals of this strong industrial company."  - TradeArabia News Service