CAIRO: The Egyptian Stock exchange rebounded at Thursday’s opening session after 9-day plunge due to the decrease in price of the crude oil barrel below $ 60.
The benchmark EGX30 went up by 3.11 percent.
The index EGX30, declined by 0.52 percent at the Wednesday opening session, has fluctuated this week, losing over 4 percent Sunday, and then showed a slight recovery of 1.34 percent.
The EGX70 rose by 1.29 percent registering 538 points compared to a 0.68 percent rise during Wednesday’s open session; while the EGX100 increased by 1.57 percent at 1023 points compared with a 0.65 percent rise on Wednesday.
“The Egypt stock sustained its level and we cannot say it is a rise unless it reached above 8500 points,” Ehab Said, Board member of a securities firm, told The Cairo Post Thursday.
“The Egyptian market lost 16 percent over the past week and Thursday trading is restoring part of its loss,” he continued.
This rebound is affected by the rebound of the Gulf exchanges as Dubai market rose by 16 percent and Saudi market registered 7 percent increase, he added.
The U.S. Federation Reserve announced Wednesday that it “can be patient” over any increase of the interest rates, according to BBC; the announcement positively affected the Gulf markets and positively reflected on the Egyptian market, Ehab noted.