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Egyptian stocks climb 3 percent on news of transition plan

Stocks soared on Tuesday on the back of a new constitutional declaration and relative calm in the streets

Ahram Online, Tuesday 9 Jul 2013
Egyptian bourse
Traders work at Egypt's Stock Exchange in Cairo (Photo: Reuters)
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Politics continue to be the main driver of the Egyptian stock exchange on Tuesday, with main index the EGX30 gaining 3.26 percent to close at 5,290 points, washing away part of Monday's heavy losses of almost 4 percent.

On Monday evening, Egypt's interim president Adly Mansour issued a widely-anticipated constitutional declaration that set a timetable for constitutional reform and elections.

The stock exchange also responded to the calm on Cairo’s streets on Tuesday, after deadly clashes the previous morning left 54 dead and 4,352 injured.

The biggest market cap, Commercial International Bank (Egypt), gained 4.39 per cent, while other blue chips Orascom Telecom Holding (OT) and Telecom Egypt gained 3.72 and 4.16 respectively. 

Ezz Steel gained 7 percent and TMG Holding gained 4.9 percent. 

Out of 167 shares exchanged during the day, 142 shares gained in value while only six lost. 

Egyptians were net buyers registering a net flow of LE63.3 million, while foreign and Arab investors were net sellers. 

The broader EGX70 index gained 5.43 percent.

Total turnover registered LE393.5 million.

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