EGX extends progress, benchmark surges 2.2%
Egyptian Exchange - YOUM7 (Archive)

CAIRO: The Egyptian Exchange (EGX) resumed its rally in Thursday’s session, powered by a strong buying spree among Arab and foreign investors for a second straight day.

The benchmark index EGX30 hiked 2.17 percent to 8,672 points at close, up from 8,488 points Wednesday.

Also, the small and mid-cap index EGX70 jumped 2.01 percent to end at 475.4 points, compared to 466 points in its last session. The broader index EGX100 also added 1.8 percent as well, closing near 972 points.

Market capitalization gained around 6.8 billion EGP ($891.53 million,) totaling 499.8 billion EGP, higher than 493 billion EGP Wednesday.

Egypt’s market posted a strong rebound Wednesday, after it was reported that the government would amend the recently approved capital-market taxes earlier which triggered intensive sell-offs during the course of the month.

Traders reiterated their rejection to such tax and called for discarding or suspending it for three years, until the economy recovers.

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