CAIRO: Egypt’s stock market rose in early trade on Tuesday, supported by foreign and institutional investors who were buying stocks while retail players moved into cash ahead of the Eid al-Hadha holidays.
The Cairo index climbed 1.1 percent with most stocks positive. Commercial International Bank, the country’s biggest lender, rose 1.4 percent. Bourse data showed that foreigners and institutional investors were net buyers of stocks.
Among just a few losers was Telecom Egypt which edged down 0.6 percent. The stock has been under pressure since the company’s chairman resigned on Saturday after just four months in office.
Egypt’s market will be closed from Sept. 23 for the Eid al-Adha holiday and will reopen on Sept. 28.