Traders work at Egypt's Stock Exchange in Cairo July 3, 2013 (Photo: Reuters)
Egypt’s benchmark index on Thursday reached its highest level since May 2010, thanks to a statement from the military authorising army chief Abdel-Fattah El-Sisi to run for president.
EGX 30 rose 0.42 percent to record 7,405 points.
The statement on Monday from the Supreme Council of the Armed Forces (SCAF), in which El-Sisi was given the green light to resign from his post as field marshal and run as a civilian in upcoming presidential elections, renewed hope for future stability, despite a week of violence and bomb blasts, said Isaa Fathy, vice president of the securities division at Cairo's Chamber of Commerce.
Turnover of listed stock exceeded the LE1 billion ($140 million) mark for the second time this week.
Egyptian investors were net buyers at a net value of LE55 million ($7.9 million).
Out of 188 traded stocks, 129 were gainers.
In the top 30 listed companies, Palm Hills managed to achieve the highest turnover value, recording LE102.5 million ($14.7 million). The company saw its share rise by 2.64 percent to close at a price of LE3.11 ($0.4) per share.
Other gainers include SODIC and Eastern Tobacco, increasing by 3.29 percent and 2.18 percent and closing at LE22.92 ($3.29) and LE127.88 ($18.36) per share respectively.
Orascom Telecom Media and Technology Holding and Global Telecom Holding saw their share prices decline by 0.85 percent and 1.15 percent, closing at LE1.16 ($0.16) and LE5.18 ($0.74) per share respectively.