EGX stocks rise slightly despite tumultuous market

EGX stocks rise slightly despite tumultuous market

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Thu, 21/02/2013 - 18:15

The stock exchange saw its value rise slightly by end of trading Thursday, thanks in part to strong buying trends driven by foreign investors.

The benchmark EGX 30 index, which tracks the performance of the exchange’s top 30 companies, rose 0.3 percent, or 17 points, with transactions worth LE297.8 million.

The overall market value of shares jumped LE800 million after the market capital reached LE380.9 billion by trading’s end.

The news comes as protesters call for mass civil disobedience campaigns in Cairo. A similar campaign has already crippled Port Said, with some fearing the call for action will spread to other canal communities.

Ongoing unrest has made it exceedingly difficult for traders to predict the market’s next moves.

“We cannot [make] projections amid the current political turmoil,” said Mahmoud Abdel Rahman of Premiere Securities, a Maadi-based stock broker.

Edited translation from Al-Masry Al-Youm