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Market surges despite reported clashes - Daily News Egypt

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Market surges despite reported clashes

Egyptian bourse surges on Wednesday while investors anticipate Morsi trial on 4 November


Egypt’s benchmark EGX-30 index jumped by 1.29% Wednesday to 6173.59 points, up from Tuesday’s close of 6095.13, representing the market’s first gains since the significant drop it suffered on 27 October. (Photo by Mohamed Omar)
Egypt’s benchmark EGX-30 index jumped by 1.29% Wednesday to 6173.59 points, up from Tuesday’s close of 6095.13, representing the market’s first gains since the significant drop it suffered on 27 October.
(Photo by Mohamed Omar)

Egypt’s benchmark EGX-30 index jumped by 1.29% Wednesday to 6173.59 points, up from Tuesday’s close of 6095.13, representing the market’s first gains since the significant drop it suffered on 27 October.

Islam Abu El-Fetouh, a bourse investor, said that the Azhar clashes played a significant role in the drop the stock market witnessed during on October 28.

“The volatility of these ups and downs is expected to continue until 4 November,” Abu El-Fetouh said, referring to the trial date of ousted president Mohamed Morsi.

Abu El-Fetouh added that “if no abrupt violence [takes places], then I believe the bourse will make noteworthy gains and [exceed] 6000 points.”

The EGX 70 Index, which encompasses small and medium sized companies, scaled up by 1.14% to stand at 516.32 points, compared to 507.42 at the close of Tuesday trading.

The broader EGX-100 index meanwhile reached 865.96 points, a 1% increase from Tuesday’s 857.36, while the EGX-20 capped index climbed by 1.49% to 7262.73 points. The trading day ended with 99 gainers, 60 decliners while 26 remained unchanged.

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