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Egyptian bourse resumes big jump after constitutional declaration

Investors welcome Monday's constitutional declaration which sets a timetable for elections

Ahram Online, Tuesday 9 Jul 2013
(Photo: AP)

Egypt’s stocks soared by midday on Tuesday on the back of a constitutional declaration by the state’s interim president Adly Mansour on Monday evening.

The benchmark EGX30 index rose 3.3 percent recording 5,295 points, while broader index EGX70 gained 4 percent during Tuesday trading.

More than 145 shares are heading up, out of around 160 that are currently listed, led by the market’s bellwethers Orascom Telecom and Commercial International Bank, which both soared more than 5 percent.

The constitutional declaration is expected to remain effective until the end of the ongoing transitional period, which will last for least six months. The declaration mandated that an amended constitution would be voted on in November, followed by parliamentary elections, then presidential polls. 

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