General view showing traders at the Cairo stock market (AP)
Egyptian stocks continued to rally on Thursday following the Central Bank decision to clear the backlog for foreign investors, as well as yesterday's announcement of an exceptional foreign currency auction to be held soon.
Benchmark index EGX30 increased 1.95 percent to 6,779 points with daily stock turnover at LE643.6 million.
In the first clear step since starting his tenure this week, Tarek Amer, the Central Bank governor, cleared on Tuesday the entire backlog owed to foreign investors with $547.2 million.
The bank also plans an exceptional auction soon to boost dollar liquidity, the presidency announced on Wednesday.
Market bellwether Commercial International Bank (CIB) increased 1.52 percent to LE45.86 per share.
Non-Arab foreign investors continued to be net sellers to the tune of LE37.8 million.
With the highest turnover in the main index worth around LE115 million, Egyptian leading investment bank EFG-Hermes gained 2.5 percent to LE8.15 per share.
Broader index EGX70 inched up 0.7 percent.
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