CAIRO: The Egyptian Exchange (EGX) posted a strong rebound at the close of Wednesday’s session, backed by a strong buying spree among Arab and foreign investors.
The benchmark index EGX30 jumped 1.9 percent to 8,488 points at close, up from 8,330 points on Tuesday.
Egypt’s market has been riding a downward wave as the government has eventually approved capital-market taxes earlier in April, shrugging off traders’ repeated calls for discarding or suspending it for three years, until the economy recovers.
Also, the small and mid-cap index EGX70 went up 1.24 percent to end at 466 points, compared to 460.36 points in its last session. The broader index EGX100 also added 1.38 percent as well, ending at 954.5 points.
Market capitalization gained around 4.7 billion EGP ($615.85 million,) totaling 493 billion EGP, higher than 488.3 billion EGP Tuesday.