Stock market scores LE1.6 billion in profits on Monday
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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 scores LE1.6 billion in profits on Monday
On
Mon, 13/08/2012 - 12:41
A military reshuffle ordered by President Mohamed Morsy on Sunday pushed the stock market to remarkable gains at the beginning of its Monday session.
The session witnessed extensive stock purchases by Egyptian and Arab investors. The market capital of registered trading companies jumped LE1.6 billion to LE348.2 billion during the first 30 minutes, up from LE346.6 billion on Sunday.
The main index, EGYX30, gained 0.9 percent, recording 5013.55 points.
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Market brokers said transactions started with an upward trend encouraged by Morsy’s decisions, which helped end political division and won popular support. The decisions had a positive impact on investor morale, as they shrugged off the possible negative consequences of demonstrations slated for 24 August to demand Morsy’s ouster.
Edited translation from MENA
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