Egypt's bourse gains 1.4bn pounds last week

The Egyptian Exchange (EGX) made gains of 1.4 billion pounds to hit 358.5 billion pounds compared to 357.1 billion pounds last week. Orascom Construction Industries (OCI) had said in a statement it has reached a settlement over its tax dispute with the government. The company will pay the government EGP7.1 billion (approx. $1 billion) in ten installments during the 2013-2017 period. According to a weekly report, a copy of which was obtained by MENA, the EGX 30 benchmark index was up by 0.98 percent to close at 5,277 points. The broader EGX 70 index of the leading smaller and mid cap enterprises (SME) increased by 0.64 percent to hit 451 points. The all-embracing EGX 100 index followed suit with 0.73 percent, taking the index up to 753 points.