Stock indices went up collectively by the end of Tuesday’s trading amid intensive purchases by foreign investors against sales by
Arab and Egyptian investors.
Ihab Saeed, board member of an Egyptian brokerage firm, attributed the rise in the market to the completion of profit earnings as well as positive statements about economic growth and stimulus plans that the government intends to implement.
He also attributed it to the opening of new financial centers and the switching of investment portfolios within the last quarter of the year.
The main EGX30 index rose by 1.02 percent to close at 5,677.61 points, the small and medium shares EGX70 index by 1.75 percent to 494.6 points, and the broader EGX100 index by 1.44 percent to 822.9 points.
Total trading reached LE380 million with 22,700 transactions, and the market capital gained LE2.4 billion to reach LE380.1 billion.
Indices also made profit in the trading of the third quarter of 2013, amounting to LE56.3 billion.
The quarterly report of the Egyptian Stock Exchange said the market capital hit LE378 billion at the end of September.
The EGX index gained 18.2 percent in the third quarter to reach 5621 points, and the small and medium shares EGX70 index also went up.
Edited translation from Al-Masry Al-Youm
