Egypt Independent

Stock exchange gains LE8 billion despite Tuesday protests

Stock indexes jumped collectively Tuesday after an intense round of purchases by foreign and Arab investors, despite the “Final Warning” marches planned to the presidential palace to reject the constitutional declaration and the draft constitution.

The main index EGX30, which tracks the performance of the top 30 companies, rose by 3.4 percent gaining 167 points and stopping at 4,991 points, prompted by transactions valued at LE380 million.

The index EGX70 consisting of small- and medium-sized shares rose by 2.7 percent, while the EGX100 rose by 3.1 percent.

The color green covered the trading screens again, as 143 securities rose and only 13 went down.

The market capitalization gained LE8 billion, making LE347.4 billion, compared to LE339.4 billion Monday.

Chair of the Egyptian Exchange Mohamed Omran said on the sidelines of the African Stock Exchanges Association Conference, held Tuesday in Cairo, that the stock market, like any financial institution, responds quickly to the events around it, regardless of whether the response is positive or negative.

Mahmoud Abdel Rahman, Premiere Company head, attributed the stock market boost to purchases by institutions, especially foreign and Arab ones, that wanted to seize the opportunity of the sharp decline in stock prices and the offers made by individual investors in the market.

Abdel Rahman added that the stock market completely disregarded the “Final Warning” marches.

Edited translation from Al-Masry Al-Youm