CAIRO, 28 June 2004 — Egyptian shares rallied yesterday with retail investors returning to the market after news that President Hosni Mubarak had successful back surgery and took his first post-operation steps a day later, traders said. The Hermes index was up 221.08 points, or 1.6 percent, to be last quoted at 14,349.13 points. The broader CIBC index rose 1.00 points, or 1.1 percent, to 92.59 points. “This was a psychological rebound by retail investors who got assurances that the president is well and okay,” said Mohammed Radwan of Delta Securities. “The headlines of newspapers saying he had a successful operation gave them some confidence to come back into the market and try to grab some of these cheaper shares — mainly small caps,” he added.