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Islamist President Mohamed Mursi dismissed Cairo's two top generals and quashed a military order that had curbed the new leader's powers.
Its central bank is also to receive a $2bn easy-terms loan from oil-rich Qatar to shore up depleted
currency reserves .
Cairo stocks extended the previous session's 0.2% gains. The Egyptian pound, which has been languishing
near seven-year lows, firmed to 10-day highs versus the dollar but credit default swaps were unmoved, reflecting broader caution.
Emad Mostaque, Middle East strategist at Religare, said that if the army accepted the dismissals, Egyptian stocks would be "a huge, huge buy within the next few days, (offering) the most near-term upside of any global market."
In Kuwait, stocks hovered near eight-year lows as a political crisis weighed on sentiment.
MSCI's emerging equity index slipped 0.3%, hit by Shanghai which fell 1.5% due to worries over company
earnings.
But MSCI's Emerging Europe index gained 0.2% as Russia, its biggest component, jumped 1% on
the back of stronger oil prices.
Hungary's forint fell 0.5% versus the euro a day ahead of data expected to show the economy contracted in
the second quarter. Two central bankers have suggested interest rates could be cut later this month.
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