Stock market unaffected by Monday’s clashes

Egypt’s stock exchange stock index rose at the morning mid-week trade session Tuesday by LE 2 billion, ignoring clashes that took place Monday evening in Cairo leaving seven dead and hundreds injured.

The main index EGX30, which tracks the performance of the 30 most active companies, was up by 0.77%, reaching 5354 points.

EGX70 index of small and medium companies rose by 0.54%, reaching 426 points, while EGX100 was up by 0.49% reaching 733 points.

Arabs and foreigners transactions registered US$1.17 million and LE 210,000 respectively, while local investors’ purchases were worth LE 5.1 million.

On a different note, Egyptian businessman Naguib Sawiris, whose family controls the extensive Orascom corporate empire, says he and his brothers will be “investing in Egypt like never before” following the ouster of former President Mohamed Morsi.

“My family and myself are going to be investing in Egypt like never before — any new projects where we can invest, any new factories that we can open, any new initiatives that will provide jobs for the young people of Egypt," he told Reuters, without giving any specific details.

These remarks could play a role in attracting investors who for the most part have stayed away since the January 25 revolution and recalling some of local investors’ money stacked in banks abroad.