Stock market rises on spirit of optimisim

Stock market rises on spirit of optimisim

On

Sun, 21/07/2013 - 17:02

The Egyptian stock market rose on Sunday with intensive buying by both institutions and investment funds.

Market capital achieved LE4.4 billion in gains through the day's trading.

The main stock market index, the EGX30, rose by 1.36 percent, reaching 5,419 points.

The EGX70 index rose by 1.95 percent, reaching 433 points, while the EGX100 index climbed 1.5 percent, registering 743 points.

The market administration stopped trading on 20 securities for a half hour after they achieved gains of five percent.

Stock market brokers said there is a spirit of optimism in the market following the introduction of the army-led roadmap and the holding of the first session of the constitution amendment committee.

The flow of Gulf aid to Egypt and the formation of the Cabinet have also helped raise the spirit of investors.

The stock market will close on Tuesday to mark the anniversary of the 23 July revolution. Work will resume on Wednesday.

Edited translation from Al-Masry Al-Youm