Egypt stocks rally on Monday morning

The main EGX30 index gains 2 per cent to edge above the 5,000 point level

Ahram Online, Monday 26 Nov 2012

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Protesters and activists stay in tents as they continue their sit-in, after Egyptian President Mohamed Morsi issued a decree temporarily widening his powers and shielding his decisions from judicial review, at Tahrir Square in Cairo, November 26, 2012. (Photo: Reuters)

Egypt bourse jumped into the green on Monday morning with the main EGX30 index gaining 2 per cent to climb above the 5,000 points level two hours after the session opened at 10:30 am.

The stock market dropped a whopping 10 per cent on Sunday, following the wide political divisions triggered by President Mohamed Morsi's latest constitutional declaration.

On Monday, the market slid 3.5 per cent 20 minutes after the session opened, but started to recover afterwards. Such recoveries normally follow large drops as share prices become attractive to speculators.

The broader EGX70 index, however, dropped 2.12 per cent on Tuesday and has not seen a recovery.

Market leaders, Orascom Construction Industries (OCI) and Commercial International Bank, both gained 2.5 per cent.

Orascom Telecom Holding and Ezz Dekheila gained 5.8 and 6.3 per cent, respectively.

The situation in Egypt remains volatile, as mass protests are planned in several cities across Egypt on Tuesday in support and in opposition of the president's latest power grab.

President Morsi is also scheduled to meet with representatives of the judiciary on Tuesday afternoon to discuss the crisis.

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EGX30 | Stocks | Morsi | politics

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