EGX rebounds as market bellwether rallies, benchmark up 2.7%
Egyptian Exchange - YOUM7
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CAIRO: The Egyptian Exchange (EGX) posted a moderate rebound at the close of Tuesday’s session, supported by local and Arab institutions’ purchases.

The benchmark index EGX30 hiked 2.75 percent to end at 6,837 points, up from 6,654 points on Monday.

Market capitalization gained around 4 billion EGP ($510.84 million,) totaling 424.8 billion EGP, up from 420.8 billion EGP on Monday.

CIB, the market bellwether, soared 3.86 percent to close at 47.34 EGP per share, up from 45.58 EGP per share, after the bank announced Tuesday receiving Egypt’s central bank approval to acquire Citibank Egypt’s retail portfolio and cards businesses.

Similarly, the small and mid-cap index EGX70 inched up 1.9 percent to end at 372.42 points, compared to 365.48 points in the last session.

The broader index EGX100 also rose 1.03 percent to close at 802.23 points, after 794 points on Monday.

Egypt stocks posted a sharp slip on Sunday and Monday and its benchmark EGX30 plummeted more than 7.3 percent in the two sessions, shading global markets’ slips amid fears about a China-led economic slowdown, in addition to a fresh slide of oil prices.

The EGX was also hurt dramatically by Saudi stock market’s slump following a Friday decision by Fitch Ratings to downgrade its outlook for the kingdom from “stable” to “negative,” citing lower oil prices.

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