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Investment law, earnings lift Egypt's market

Reuters , Thursday 5 Mar 2015
EGX
Staff at the Egyptian stock exchange in Cairo (Photo: AP)
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A new investment law and positive earnings in the real estate sector boosted Egypt's stock market in early trade on Thursday.

Egypt's index rose 1.2 percent after the Cairo cabinet on Wednesday approved a long-awaited draft law on investment aimed at making deals less vulnerable to legal disputes or changes in government, and reducing stifling bureaucracy.

The government is seeking to address foreign business concerns before an investment conference in Sharm el-Sheikh set for mid-March, when Egypt hopes to secure domestic and foreign investment of up to $12 billion.

Most stocks were positive on Thursday and property firms led gains as SODIC, Egypt's third-largest listed developer, said it made a net profit of 154.3 million Egyptian pounds ($20.2 million) in 2014 after a loss of 477.1 million pounds the previous year.

SODIC rose 1.6 percent, Talaat Moustafa Group jumped 2.1 percent and Medinet Nasr Housing climbed 1.8 percent. 

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