Stock indexes rose collectively by the end of the Wednesday trading session, as a result of increasing purchases by foreign investors and Arab investors' purchases after their sales in the morning. Egyptian investors, on the other hand, tended to sell during the trading session.
The main stock index EGX30 went up by 1.29 percent to hit 6173.59 points. EGX70, the index tracking small and medium enterprises, went up by 1.14 percent to close at 516.32 points. The wider range index EGX100 also went up by 1 percent to hit 865.96 points.
The value of stock trading reached LE 479.2 million, while market capitalization earned LE 4 billion, to reach LE 400.8 billion by the end of the trading session.
Wael Enaba, a capital markets expert, said the market has finished profit-losses with the support of Arab and foreign investors' purchases, and noted that the arrest of Muslim Brotherhood leading member Essam al-Erian enhanced the purchasing power of individual investors.
He explained that the transverse direction may dominate the stock indexes during trading on Thursday, due to the settlement of financial centers of investors coinciding with the end of the month. All this may lead to relatively increasing sales.
He anticipated, however, that the market will soon turn upward by next weekend.
Mohamed Sharawy also anticipated the market's tendency to decline during trading on Thursday as a result of the worsening violence at Al-Azhar University.
He predicted that the market would resume its rise during the Sunday trading session due to the increasing purchasing power of Arab and foreign investors.
Edited translation from Al-Masry Al-Youm
