Trading on the stock exchange closed within the green zone on Thursday, propped up by purchases from foreign investors and sales by Arabs and Egyptian investors.
The main EGX30 index rose by 0.93 percent to 5374.1 points, the small and medium stocks index EGX70 by 0.32 percent to 429.5 points, and the broader EGX100 index by 0.38 to 733.2 points.
Capital market gained LE1.3 billion to hit LE358.3 billion.
Total trading reached LE7.6 billion after the sale of Orascom Construction Industries (OCI), sold at 29.18 million shares for LE255 per share, or a total of LE7.44 billion.
OCI swapped shares worth LE4 billion with OCINV.
Ahmed Helmy, a financial analyst, attributed the rise to the administration approving capital increases for many listed companies, a move that encouraged investors, especially after approvals have been denied since the January revolution due to low trading levels. He predicted a steeper rise still, now that the sale of OCI pumped liquidity into the market.
“Trading was selective though,” he said. “Investors are awaiting the outcome of the crackdown on the Brotherhood’s sit-ins.”
The stock exchange will close from 8 August to 11 August for the Eid al-Fitr holiday.
Edited translation from Al-Masry Al-Youm
