Stock exchange on the rise despite earlier losses

The Egyptian Stock Exchange has closed on a rise for the second day in a row.

The main index EGX 30 has had a small increase of 0.05 percent, while the EGX 70 rose by 1.41 percent and the EGX 100 by 1.39 percent.

However, these gains fall short of compensating the huge losses following last week’s unrest in the country. The EGX 30 has lost 4.5 percent since the outbreak of last week’s events.

Last week’s events have not reversed the positive trend following the removal of President Morsi, however. The EGX 30 has increased by 15 percent since June 27.

Tuesday saw the completion of amendments to the Constitution by a committee consisting of law experts. A new committee composed by representatives of Egyptian society will be formed within days to complete the final constitutional draft. Moving forward on the political roadmap will allow for the stability required to attract foreign and local investment.

Tuesday has also been marked by reassurance from states in the Gulf, who have stated that they will continue to provide Egypt with in kind support in fuel products, while the White House has denied reports that it intends to cut its military aid to Egypt.

Prime Minister Hazem al-Beblawi declared yesterday that Egypt did not need US aid and could turn to other nations such as Russia, as Egypt has done in the past.