Stock market rises on Morsy victory

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Stock market rises on Morsy victory

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Mon, 25/06/2012 - 12:15

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A file photo of the Egyptian stock market

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Al-Masry Al-Youm

The stock market rose considerably on Monday, driven up by positive reactions to Muslim Brotherhood candidate Mohamed Morsy's election to the presidency.

The main index, EGX 30, rose by 4.6 percent to 4,359 points.

About 12.5 million stocks were traded at a total value of LE52.2 million.

Egyptians tended to sell their stocks at the beginning of Monday’s session, yielding net sales of about LE4.8 million. Arabs and foreigners tended to buy stocks, yielding a net purchase amount of about LE3.6 million and LE1.2 million respectively.

Stock market head Mohamed Omran told the press that Morsy’s religious background is not a reason for fear, adding that there is a need to continue building the state through electing Parliament and writing a new constitution.

Edited translation from Al-Masry Al-Youm