Egyptian stock market indexes collectively rose at the end of Thursday's trading session helped by Egyptian and Arab purchases.
The stock market's benchmark index EGX-30 rose by 0.75 percent to reach 5448 points, and the EGX-70 index rose by 0.3 percent to 464.9 points. The EGX-100 index also climbed by 0.45 percent to 781.6 points.
The total volume of stock trading reached LE 519.1 and the market capital earned LE2.7 billion, reaching LE370.4 billion.
Mohsen Adel, vice president of the Egyptian Society for the Study of Financing and Investment, said the current situation in Egypt is expected to have only a limited impact on the market so long as the state manages to quickly spread its control. He also said that some investors had been awaiting the dispersal of the Rabaa al-Adaweya and Nahda sit-ins to enter the market.
Adel added that foreign investors are awaiting the achievement of political stability to bolster their positions. He added that individuals are currently dominating the market with investors looking for short term gains.
Meanwhile, Ehab Saeed, a financial market expert, said the market is unlikely to go down. He pointed to indicators being on a horizontal trend for some time now and that there is a need to pass the 6000 points level.
Edited translation from Al-Masry Al-Youm
