EGX rebounds on 2nd day of elections, benchmark up 1.1%
The Egyptian Exchange (EGX) - YOUM7 (Archive)

CAIRO: The Egyptian Exchange (EGX) rebounded on Monday, the second day of the long-awaited parliamentary elections, boosted by local institutions as well as Arab and foreign retailers.

The recovered from a two-session dip over currency worries after the Central Bank of Egypt (CBE) depreciated the pound to a new official low of 7.93 to a U.S. dollar at a regular foreign exchange (FX) auction on Sunday, from 7.83 in a Thursday sale.

This is the lowest level the local currency has been allowed to hit since the central bank began its auctions in December 2012, amid expectations of an extended slip in the coming days.

The benchmark index EGX30 inched up 1.11 percent to end at 7,622 points, compared to 7,538 points on Sunday.

Similarly, the small and mid-cap index EGX70 edged up 1.71 percent to end at 401.3 points, compared to 394.5 points in its last session.

The broader index EGX100 also rose 1.2 percent to close at 860.4 points, after 850.3 points on Sunday.

Market capitalization gained around 4.7 billion EGP ($585.53 million,) totaling 457.7 billion EGP, compared to 453 billion EGP in the previous session.

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