Egyptian index expected to rise after army's interference

Egyptian stock market Cairo – Mohammed Abdullah Egypt’s economic said the Egyptian index will rise over the next few days after the army's statement on Monday. Speaking to Arab Today , Egyptian economists said that the stock market, which had witnessed fluctuation since the beginning of protests against President Mohammed Morsi, would witness stability and growth in this week.
In Sunday's session, Egypt's benchmark index ended in the green, up 1.43 percent as it pursued the upward trend that began at the end of the previous week.
The local bourse had witnessed a month-long plunge, punctuated by intermittent rallies, falling by nearly 13 percent as investor fears grew regarding the opposition protests on 30 June.
Total turnover reached EGP161 million by the end of the session, with 90 listed shares – out of a total 156 – rising as speculators took advantage of low market prices.
Non-Arab foreign investors were net buyers at a modest EGP4.2 million, while Egyptian and Arab investors – who combined to make up some 71 percent of the market – were net sellers.
Among those who gained were prominent Egyptian investment bank EFG-Hermes, up by 0.82 percent, and Six of October Development & Investment (SODIC), up by 1.97 percent.
Commercial International Bank rose by 3.28 percent, meanwhile, and Orascom Telecom made gains of 4.26 percent.
In the same session, Orascom Construction Industries fell by 0.22 percent, while Palm Hills Development Company fell by 0.62 percent.
The broader-base EGX70 index rose by 0.51 percent for Sunday session.