Egypt Independent

Stock exchange buoyed by Morsy’s promise to reshuffle Cabinet

Stock indexes jumped at the end of trading on Thursday, influenced by purchases made by foreign and Arab investors. The rise in purchases came as the nation begins to emerge from the effect the Standard & Poor’s low credit rating for Egypt and three of the largest local banks.

The EGX30 went up by 2.2 percent, rising 116 points to close at 5,417 points, in transactions worth LE474.2 million.

Foreign and Arab investors bought for LE25.9 million and LE3.9 million respectively, while Egyptians sold for LE29.9 million.

Mahmoud Abdel Rahman of Premiere Securities said the market is expected to rise in light of President Mohamed Morsy’s promises for a Cabinet reshuffle, which would specifically target the economic sector.

Edited translation from Al-Masry Al-Youm