CAIRO: The Egyptian Stock exchange started to rebound by 3.39 percent in Thursday’s session after a week-long slide of 16 percent due to the plunge of the crude oil barrel price below $60.
The benchmark index EGX30 went up by 3.39 percent to 8,399 points compared to its 4.95 percent decline at Wednesday’s close.
The EGX70 index rose by 2.01 percent at 542 points while the EGX100 index increased by 2.3 percent to 1,030 points.
“The Egyptian exchange sustained its level and we cannot say it is a rise unless it reached above 8,500 points,” Ehab Said, Board member of a securities firm, told The Cairo Post Thursday, adding that this rebound is affected by the rebound of the Gulf exchanges as the Dubai market rose by 16 percent and Saudi market registered a 7 percent increase.
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.