Egypt stocks up near 2 per cent after Beblawi appearance

Ahram Online, Sunday 2 Oct 2011

Market reacts favourably after Minister of Finance opens trade and new index is introduced

Egypt's main stocks are trading 1.9 per cent up at around 4,214 points halfway through Sunday trade, bolstered by the opening of the exchange by Minister of Finance Hazem El-Beblawi.

Market turnover is a very low LE133.315 million, with the majority of stocks -- over 130 -- in the green.
Citadel Capital is leading activity with LE56.1 million of trade, outpacing its nearest rival Palm Hills Development by more than 10 times.
Sunday also saw the introduction of a new index, the EGX20, tracking the performance of the 20 most active, liquid stocks, making it easier for mutual funds to deal in Egyptian equities.
The EGX20 is currently trading up around 1.72 per cent.
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