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Market Update: Egypt bourse soars, breaks records after Morsi ouster

Market gains LE20 billion in first hours of trading as Egyptian investors react euphorically to news of Morsi's ouster on Wednesday night

Ahram Online, Thursday 4 Jul 2013
Egypt bourse soars, breaks records after Morsi ouster
Egyptians wave a national flag as fireworks light the sky over Tahrir Square, where hundreds of thousands opponents of Egypt's Islamist President Mohammed Morsi celebrate in Cairo, Egypt, Wednesday, July 3, 2013 (Photo: AP)

Egyptian stocks soared on Thursday, with the main index up over 7 percent at mid-session a few hours after President Mohamed Morsi was deposed,  recording 5,336 points, a near two-month high. 

Egyptian investors, who had net-bought LE71 million by mid-session, reacted positively to a Wednesday night statement by Armed Forces Chief Abdel-Fattah El-Sisi, flanked by religious leaders and prominent political figures, announcing the end of Morsi's presidency after days of massive anti-government protests nationwide.

According to the statement, the current constitution will be suspended and the head of Egypt's High Constitutional Court will take over as interim president until new presidential elections are held.

The bourse broke records by gaining LE20 billion in the first hours of trading bringing total market capital to LE354.5 billion.

Trading on all stocks was suspended when the EGX100 index broke the 5-percent gains barrier, activating a circuit breaker which lasted half an hour.

Almost all listed shares were in the green, with blue chip Commercial International Bank leaping 10.6 percent, Orascom Telecom soaring by 8.1 percent.

Orascom Construction Industries, on which there is currently a tender offer by Dutch parent OCI NV, gained 0.8 percent.

The broader EGX70 leaped nearly 9 percent, reaching a near three-week high of 420.7 points.  

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