Stock indices rose considerably during Thursday’s trading session. Some credit the rise to Interim President Mansour Adly’s declaration about the referendum on the constitution, a move seen by capital market experts as the beginning of a political stability that may encourage Arab and foreign investments.
The main EGX30 index rose by 1.79 percent to 6604.65 points, while the small and medium EGX70 index rose by 1.14 to 533.49 points. The broader EGX100 index rose by 1.54 percent, closing at 902.69 points.
Total trading reached LE696.1 million, up by LE350 million from previous sessions amidst intensive purchases by Egyptian investors against sales of Arabs and foreign investors.
The capital market won LE5 billion to end the session at LE416.8 billion.
Experts also attributed the rise in stocks to positive remarks made by the investment and planning ministers at the Arab Investments Forum in Kuwait .
Ahmed Abul Saad, a financial market expert, said traders ignored the violent events in Al-Azhar and Cairo universities.
Hany Helmy, president of a brokerage firm, expected more rises next week.
Edited translation from Al-Masry Al-Youm