Money market traders expected new waves of buying with the approach of the presidential elections, portending positive news on the political and economic levels.
At the end of Wednesday’s trading session, the main EGX30 index rose by 0.31 percent to hit 8,294.8 points, while the small and medium stocks EGX70 index fell by 0.72 percent to 610.3 points, and the broader EGX100 index dropped by 0.67 percent to 1,067.2 points.
Total trading reached LE980.5 million in 34,500 transactions and the market capital lost LE2.1 billion to close at LE482.3 billion.
However, brokers still believe the market will pick up in the long term.
Ahmed Shehata, head of a brokerage firm, said foreign investors are encouraged by the scarcity of other investment options, the political and financial support of the Gulf, and the announcement of huge investment projects. “Add to it the commitment to the roadmap and the fact that some research centers increased share values to fair levels,” he said.
“The market is still indebted since everyone wants to buy,” he said, still expecting stocks to rise next week.
Edited translation from Al-Masry Al-Youm
