Stock indices went up collectively in Sunday's trading, seemingly ignoring the 30 June protests that are demanding the departure of President Mohamed Morsy to pave the way for early presidential elections.
Contrary to analysts' expectations, the main EGX30 index went up 1.43 percent to 4752 points, while the EG70 index of small and medium stocks went up by 0.51 percent to 360.1 points. The broader EGX100 index went up 0.52 percent to close at 643.9 points.
Market capital hit LE2.1 billion in a relatively stable total trading of LE151 million, through 10,000 transactions.
“We aim to attract new companies to replace the ones that pulled out,” said new stock exchange chief Atef al-Sherif, pointing to Orascom Construction Industries that recently left to join the Dutch exchange. “Our most important priority is to increase liquidity and trading.”
“Foreign investors were encouraged to buy when we insisted not to suspend trading on that day,” Sherif added. “This has pushed up the indexes.”
Edited translation from Al-Masry Al-Youm
