Egypt stocks close on whopping 5% rise Tuesday

Ahram Online, Tuesday 2 Jul 2013

After military announces ultimatum to end political crisis, optimistic domestic investors net-buyers of some LE94.3 million

Egypt stocks
Egyptian stock exchange building in downtown Cairo, Egypt (Photo: AP)

Egypt stocks closed up on Tuesday after recording the highest score in months as optimistic domestic investors pushed the indices forward after the country's Armed Forces issued an ultimatum on Monday intended to end political unrest.

A military spokesman issued the 48-hour ultimatum calling on "political forces" to "meet the people's demands" – or be presented with a military-imposed political "roadmap," in an extremely concise televised address to the nation.

The main index EGX30 hit a whopping 5 percent rise, reaching 4,986 points, while the broader index EGX70 gained 5.7 percent.

Egyptians were net-buyers of some LE94.3 million. Foreign investors, on the other hand, remained worried about the current political situation and were net-sellers with some LE79.6 million.

The market saw a relatively significant daily turnover of listed securities worth LE510 million.

Egyptian bourse's bellwethers Orascom Construction Industries, Commercial International Bank and Orascom telecom increased 0.08, 8.7 and 7 percent respectively on Tuesday.

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