Stock market rises Tuesday
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This piece was written for Egypt Independent’s final weekly print edition, which was banned from going to press...
This piece was written for Egypt Independent’s final weekly print edition, which was banned from going to press....
Stock market rises Tuesday
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Tue, 26/06/2012 - 12:43
Egyptian stock market indices gained on Tuesday morning, encouraged by optimism following the announcement of the results from the presidential election on Sunday.
The main index, the EGX 30, gained 3.16 percent, earning 142 points to 4,624.
Transactions just shy of of LE71 million were made during the Tuesday session.
Egyptian traders tended to sell, recording net sales of LE6.8 million, while Arab and foreign trades were recorded at LE540,000 and LE6,281,000 respectively.
Hisham Tawfiq, a stock market expert, said the election of Egypt’s new president Mohamed Morsy directly contributed to the stock market rise and the soaring profits. He told the privately-owned satellite channel Tahrir in a phone interview that foreigners recorded the highest turnout for buying, especially after the state of political tension and murkiness abated.
Edited translation from Al-Masry Al-Youm
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