Last Update 0:5
Wednesday, 16 October 2019

Egyptian stocks climb 3 percent on news of transition plan

Stocks soared on Tuesday on the back of a new constitutional declaration and relative calm in the streets

Ahram Online, Tuesday 9 Jul 2013
Egyptian bourse
Traders work at Egypt's Stock Exchange in Cairo (Photo: Reuters)
Views: 960
Views: 960

Politics continue to be the main driver of the Egyptian stock exchange on Tuesday, with main index the EGX30 gaining 3.26 percent to close at 5,290 points, washing away part of Monday's heavy losses of almost 4 percent.

On Monday evening, Egypt's interim president Adly Mansour issued a widely-anticipated constitutional declaration that set a timetable for constitutional reform and elections.

The stock exchange also responded to the calm on Cairo’s streets on Tuesday, after deadly clashes the previous morning left 54 dead and 4,352 injured.

The biggest market cap, Commercial International Bank (Egypt), gained 4.39 per cent, while other blue chips Orascom Telecom Holding (OT) and Telecom Egypt gained 3.72 and 4.16 respectively. 

Ezz Steel gained 7 percent and TMG Holding gained 4.9 percent. 

Out of 167 shares exchanged during the day, 142 shares gained in value while only six lost. 

Egyptians were net buyers registering a net flow of LE63.3 million, while foreign and Arab investors were net sellers. 

The broader EGX70 index gained 5.43 percent.

Total turnover registered LE393.5 million.

Short link:


Ahram Online welcomes readers' comments on all issues covered by the site, along with any criticisms and/or corrections. Readers are asked to limit their feedback to a maximum of 1000 characters (roughly 200 words). All comments/criticisms will, however, be subject to the following code
  • We will not publish comments which contain rude or abusive language, libelous statements, slander and personal attacks against any person/s.
  • We will not publish comments which contain racist remarks or any kind of racial or religious incitement against any group of people, in Egypt or outside it.
  • We welcome criticism of our reports and articles but we will not publish personal attacks, slander or fabrications directed against our reporters and contributing writers.
  • We reserve the right to correct, when at all possible, obvious errors in spelling and grammar. However, due to time and staffing constraints such corrections will not be made across the board or on a regular basis.

© 2010 Ahram Online.