Stock market witnesses first gain in a week

Sara Aggour
1 Min Read
Several economic experts agreed that the negative impact of the rise of interest rates in banks on the Egyptian stock market would be limited. (AFP Photo)
Egypt Stock Exchange AFP Photo
Egypt Stock Exchange’s benchmark index EGX 30 rose for the first time since Wednesday’s crackdown on sit-ins of ousted president Mohamed Morsi’s supporters. AFP Photo

By Sara Aggour and Doaa Farid

On Tuesday the stock market registered its first gain since the dispersal of pro-Morsi sit-ins on Wednesday 14 August.

The benchmark EGX30 index, which encompasses the market’s 30 blue-chips, gained 1.08% and closed at 5386.76 points.

Ibrahim El-Saeedy, an investor in the stock’s main index, said that this is “normal” adding that what matters most to the investors is public security.

“However, the market is still worried about the unrest in the street and most of the investors are waiting for the European Union talks on Wednesday to make decisions,” El-Saeedy said.

The stock market hit a six month high on Tuesday 13 August, only to deteriorate significantly the following day by 1.7%, the day of the clearing of pro-Morsi sit-ins at Rabaa Al-Adaweya and Al-Nahda Square. The bourse suspended its trading on Thursday.

Despite the tenuous security situation, the stock traded on Sunday and Monday for three hours, registering a 0.1% increase on Monday.

Trading hours returned to normal on Tuesday.

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