Traders work at Egypt's Stock Exchange in Cairo (Photo: Reuters)
Egypt’s main index continued its upward trend on Wednesday, with turnover exceeding LE1 billion following a similar surge on Tuesday.
The main index EGX 30 increased by 1.55 percent to record 7,840 points.
Egyptian investors were net sellers at LE87 million.
“Investors are optimistic due to Arab support and positive news for several stocks,” EIssa Fathy, vice president of the securities division at Cairo's Chamber of Commerce, told Ahram Online.
During his Monday visit to Egypt, Kuwaiti finance minister Anas Al-Saleh expressed his country’s support for the Egyptian economy and assured that Kuwait believes in the Egyptian economy's ability to recover.
The receding gold and currencies markets also made the stock market more attractive to investors, added Fathy.
Arab Cotton Ginning made considerable gains, rising by 5.53 percent at a price of LE5.36 per share. On Wednesday the company submitted a request to partition and sell 60,000 square meters of its unused land, based on an administrative court ruling.
Market bellwether Commercial International Bank also increased by 3.49 percent to LE36.8 per share.
Pioneers Holding inched down 0.96 percent to reach LE10.35 per share, as news of its acquisition of Saudi real-estate company Rouya was made official. Pioneers Holding enjoyed a rising streak earlier this week based on rumours of the deal.
The broader index EGX70 slowed down to increase by a mere 0.5 percent after a wave of high gains, a trend that depicts profit making, said Fathy.
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