Egypt traders upbeat on new cabinet

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Egypt market sentiment is likely to be upbeat on Wednesday after army-backed leaders swore in a new interim cabinet, made up of mainly liberal and technocratic ministers, that traders hope can lead the country out of a crisis.

"We're bullish on the new cabinet, especially because most come from strong economic background," says Ashraf Akhnoukh, senior equity sales trader at CIBC Brokerage. "The main problem is building consensus about policies and showing to the public some sort of results."

No ministers are from either of the main Islamist groups that have won five straight elections since 2011.

Cairo's benchmark climbed 0.9 percent to a six-week high on Tuesday.

In Saudi Arabia, Al Tayyar Travel Group said its second-quarter net profit rose 24 percent to 302 million riyals ($81 million). Arqaam Capital forecast Al Tayyar would make a quarterly profit of 341 million riyals.

Saudi International Petrochemical Co (Sipchem) 2310.SE will distribute 220 million riyals ($59 million) to shareholders through a first-half dividend of 0.6 riyals per share.

The global backdrop remains positive with Asian shares inching up in Tuesday trade. Investors expect Federal Reserve Chairman Ben Bernanke will reiterate later in the day that U.S. monetary policy will stay accommodative.

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