Stock indices experienced a record rise on Sunday, apparently amid strong confidence in the country’s future. Speculators attribute the rise to statements by Defense Minister Abdel Fattah al-Sisi about the possibility of running in the presidential elections in the event of popular demand.
Capital market turnover crossed the barrier of LE1 billion for the first time in three years, and the main index crossed the barrier of 7000 points.
Traders said Egyptian investors increased their purchases due to confidence in Sisi’s leadership.
The main EGX30 index rose by 2.03 percent to close at 7,116.81 points, the small and medium stocks EGX70 index rose by 1.29 percent to 564.76 points, and the broader EGX100 index rose by 1.24 percent to hit 959.09 points.
Total trading reached LE1.022 billion and the capital market earned LE5 billion to hit LE440.6 billion at the end of the trading session.
“Stocks have recorded the levels that had ensued before the January revolution,” said Mohamed al-Husseiny, a financial analyst. “The stock market is always ahead of political and economic events.”
Hany Helmy, president of a brokerage firm, said preliminary indications of political stability were reflected in the stock market. “Investors have turned towards buying without thinking of profit earning,” he said.
Edited translation from Al-Masry Al-Youm
