Egypt’s stock market had risen by midday Wednesday, encouraged by an atmosphere of optimism produced by the presidential election, which has so far not witnessed major problems, alleviating investors’ fears.
The state-run news agency MENA said investors, especially Arabs, bought Egyptian stocks in large numbers. While the main index, the EGX 30, climbed by 4 percent, the EGX 70 moved up by 1.3 percent.
Registered stocks recorded nearly LE9.35 billion in market capital gains.
Stockbrokers told MENA that investors were reserved in their transactions at the beginning of the session because of their concerns over the progress of the electoral process. They added that the session witnessed a surge of purchasing that mainly targeted the communication and contracting sectors.
Edited translation from MENA
