Egypt bourse soars to highest level in seven weeks

Egypt’s main benchmark ended its daily session on Sunday, first session of the week, soaring to its highest level since Feb 29, after protests on Friday ended peacefully.

EGX30, Egypt’s main index, was up 2.3 percent, to close at 4815, amid intensive buying of foreign traders, and Arab investors.

“Today we noticed some buying and no selling as foreign and Arab investors are optimistic about the current state of political stability,” an analyst told Bikyamasr.com.

Ahmed Hussin, an analyst in a brokerage firm, forecast that the market will continue its rally in the coming session, as future of coming constitution will become clearer, and the investors will come back again to invest in one of most prominent market in the middle east, after The Kingdom of Saudi Arabia (KSA).

Egyptian investment bank Pioneers Holding up 8.5 percent, real estate firm Talaat Moustafa Group gaining 7.3 percent and its peer Palm Hills 6.7 percent.

An IMF statement on Friday that Egypt’s government and political partners had made positive progress towards securing a $3.2 billion financing facility, has positively affected on the market in today session.