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Egypt bourse rallies as Sisi reappointed

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Egypt’s index rose 1.6% to 8,127 points as it became clear that Sisi would remain defence minister

Reuters –  Egypt’s bourse rallied on Thursday after army chief Abdel Fattah al-Sisi kept his post in the new government and authorities said a draft election law would be presented this weekend.

Egypt’s index rose 1.6% to 8,127 points as it became clear that Sisi would remain defence minister after a surprise government reshuffle.

Supported by many Egyptians, Sisi is widely expected to run for president, but the election can only be held once a new law spelling out its rules is in place.

The draft presidential election law will be handed to interim President Adly Mansour no later than Saturday for approval, according to state media.

Mohamed Radwan, director of international sales at Pharos Securities, said both developments have buoyed the mood of local retail investors who have shown their confidence in Sisi by bidding up the market since the armydeposed Islamist President Mohamed Morsi last year.


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