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Stock market registers highest gain since 14 August

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Benchmark index closes up 0.9% at 5473.22 points.

The stock market’s climb continued on 25 August to register its highest gains since the violent dispersal of the pro-Morsi sit-ins on 14 August. (AFP File Photo / Khaled Desouki)

The stock market’s climb continued on 25 August to register its highest gains since the violent dispersal of the pro-Morsi sit-ins on 14 August.
(AFP File Photo / Khaled Desouki)

The stock market’s climb continued on 25 August to register its highest gains since the violent dispersal of the pro-Morsi sit-ins on 14 August.

The EGX30, the benchmark index which encompasses the market’s 30 blue chips, closed with 0.9% gains at 5473.22 points, compared to 5424.63 last Thursday.

124 stocks rose in Sunday’s trading, while 25 declined and 19 others remained unchanged.

The EGX 70 index, encompassing small and medium sized companies, surged 1.24%, closing at 452.37, while the broader EGX 100 index climbed by 0.94% and closed at 764.92. The EXG20 Capped Index increased by 0.77% and closed at 6364.22

During a conference held on 20 August Minister of Finance Ahmed Galal said of the fluctuations in the stock market: “There are two things that I don’t follow very closely; curfew impact and the stock market because they change so quickly and so much.”

The latest political developments have resulted in a delay in the implementation of the linking project between the Egyptian exchange with its Turkish counterpart, the Boursa Istanbul. The project was to create a channel of connection between the brokers of Egypt and Turkey.


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