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Stock market goes up despite hijacking of Egyptian plane

Egyptian stock market indices collectively increased on Tuesday despite the hijacking of an EgyptAir plane.

Market capitalization gained nearly LE4 billion, moving up to LE409.8 billion.

EGX30, the main index, rose by 1.13  percent, reaching 7579 points. The small- and medium-sized index EGX70 increased by 0.41 percent, reaching 370 points. The broader EGX100 increased by 0.46 percent, reaching 798 points.

The total value of transactions was LE 217 billion.

A man thought to be strapped with explosives hijacked an Egyptian plane on a flight between Alexandria and Cairo on Tuesday and forced it to land in Cyprus, Egyptian officials said.

According to Cypriot news reports, the hijacker has "personal motives", having asked to speak with his former wife, who lives in Cyprus.

The hijacker surrendered to authorities early on Tuesday afternoon, with all hostages released unharmed.

Edited translation from Al-Masry Al-Youm

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