EGX rebounds on Arab, foreign purchases, benchmark up 1.8%
Egyptian Exchange - YOUM7 (Archive)

CAIRO: The Egyptian Exchange (EGX) posted a strong rebound at the close of Wednesday’s session, recovering a two-day slip over fears of a third devaluation of the pound this year.

Egypt stocks lost ground on Monday and Tuesday following Investment Minister Ashraf Salman statements that “the Egyptian pound’s depreciation is not a choice.”

Pushed by an investor buying spree among foreign and Arab traders, Egypt’s benchmark index EGX30 inched up 1.82 percent to 7,050 points on Wednesday, up from 6,924 points on Tuesday.

Similarly, the small and mid-cap index EGX70 jumped 2.05 percent to end at 381.77 points, compared to374.11 points in its last session.

The broader index EGX100 also added 1.4 percent to close at 823 points, after 811.65 points on Tuesday.

Market capitalization lost around 5.2 billion EGP ($664 million,) registering 440 billion EGP, compared to 434.8 billion EGP.

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