Index jumps 3% propped up by constitutional declaration
The Egyptian Stock Exchange saw gains on the day of a constitutional declaration after news of deadly clashes at the Republican Guards headquarters on Monday morning, which left more than 50 people dead and hundreds injured, had heralded losses of LE10.9 billion. The index of the stock market EGX 30 jumped 3.26% to close at 5290.02 points on Tuesday.
This stock index EGX 70 ended at 423.94 points, up 5.43%, as the broader index EGX 100 rose 4.06% to close at 728.93 points.
The value of total trading value stood at LE465.087 million. The data showed that dealings of individual investors accounted for 60.11% of total market trading, while institutions accounted for 39.88%.
Mohammed Moeitt, vice Chairperson of the Financial Supervisory Authority, said there remains no plans to suspend the stock exchange precautionary measures, taken by the Board of Directors after the revolution.
The FSA issued a statement Monday about procedures it described as necessary, including restructuring the Board of Directors and naming a new chairperson as well as other members, as the current board’s mandate came to an end on June 30.
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