The Egyptian stock exchange rose for a third session on Wednesday, pushed by Moody's report concerning the change of five Egyptian banks’ outlook from negative to stable.
The main benchmark EGX30 jumped 2.07 percent recording 8,811.88 points on a total turnover of LE584 million, stock market data showed.
"The rating actions followed Moody's decision to change Egypt's rating outlook to stable from negative," said Sigma Securities Brokerage.
Foreign and Arab institutions buying strategy, recording at LE45.27 million and LE16.56 million respectively, helped the market to maintain its upward direction, Sigma added.
Commercial International Bank of Egypt (CIB), which is including Moody's report, soared 3.93 percent to close at LE47.33 and led the market in terms of turnover recording LE49.51 million.
Meanwhile, local and Egyptian retail investors closed as net sellers recording LE55.66 million and LE4.12 million respectively.
The market capitalization gained LE6 billion to close at LE495,9 billion compared to LE489,9 billion on Tuesday.
