Stock market up 3% as China crisis eases
The benchmark EGX30 index rallied by 2.99 percent Thursday to close the week at 7,079 points.
The rise in Egypt's market came in tandem with positive news from China, where the Shanghai Composite Index surged by 5.3 percent after five days of heavy losses that shook markets around the world.
After declining for weeks to reach a 20-month low of 6,654 points on Monday, the Egyptian Stock Exchange began to recover on Tuesday.
But despite the positive performance later in the week, the market is still down more than 20 percent from this time last year.
European and North American markets have also begun to recover, with the UK’s FTSE index up to a strong start Thursday morning, and the Dow Jones Industrial Average up by 4 percent Wednesday.
Stock markets in the Arab Gulf have risen, driven in part by a slight increase in oil prices. Dubai’s index closed Thursday up 4.03 percent, Abu Dhabi up 3.03 percent and Qatar up 3.08 percent.
أخبار ذات صلة
Sudan Nashra: China enters fray, signs economic, defense agreements with Sudan | Amhara militia captures Ethiopia-Sudan border town
As the war in Sudan enters its 17th month, the Sudanese government appears to have secured an influential international avenue that could…
Doctors in Egypt voice concerns over Chinese vaccine, citing lack of transparency
The results of the Sinopharm trials were never made public.
Detox | Lazy beginnings
Our usual recommendations, if you’re spending the weekend at home in an attempt to fend off the cold
China, Turkey, Egypt, Saudi Arabia are world’s worst jailers of journalists in 2019, according to CPJ
The report found that the number of journalists imprisoned on “false news” charges rose to 30
Your support is the only way to ensure independent, progressive journalism survives.
You have a right to access accurate information, be stimulated by innovative and nuanced reporting, and be moved by compelling storytelling. Subscribe now to become part of the growing community of members who help us maintain our editorial independence.
Join us