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Monday, 16 December 2019

Egypt stocks recover Sunday as Morsi annuls constitutional declaration

The Egyptian stock market witnessed strong signs of recovery, coinciding with president Morsi’s annulment of his controversial constitutional decree, issued earlier in November

Ahram Online, Sunday 9 Dec 2012
Protests against the president has led stock exchange to incur severe losses over the past two weeks. It has, however, shown signs of recovery on Sunday(Photo: Reuters)
Views: 1030
Views: 1030

Egypt’s stock market registered significant gains on Sunday morning, with the main EGX30 index gaining a healthy 5.02 per cent to stand at 5,081 points.

The stock market suffered heavy losses during the past three weeks; analysts predict however that the termination of the controversial decree could put an end to the political uncertainty and send the stock market back to its recovery.

The broader-based EGX 70 index rose by 2.08 per cent. Out of 133 shared traded until noon, some 103 registered gains while only 5 incurred losses.

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