Egyptian stocks back above key psychological barriers

Cairo, Egypt - Egyptian stocks broke back on Thursday above key psychological barriers, a day after the live broadcast of the trial of former President Hosni Mubarak, brought to court on a hospital bed and the presence of his sons behind bars in a metal cage in a Cairo court on Wednesday. Mubarak's trial along with that of his sons was adjourned to 15 August, while that of former minister of interior Habib Al-Adly and his assistants, also accused of killing protesters of the January revolution that overthrew Mubarak, was adjourned to 14 August.

All three key indices rose above one per cent in the final trading day of the first week of the holy fasting month of Ramadan in Egypt.

The main EGX30 index, measuring the performance of the heavyweight stocks, broke back above the psychologically important barrier of 5,000 points it broke on Tuesday.

EGX30, the preferred target of institutions and foreigners, gained 1.71% on Thursday to finish at 5,007 points.

The index is still more than 600 points below the close of 27 January when trading was halted for nearly two months at the height of upheavals that overthrew Mubarak.

The main index has lost nearly 30% of its value in 2011.

The EGX70 of small and medium shares, the usual preferred target of Egyptian retail investors, was also a winner on Thursday, adding 1.15%, as it is staying comfortably above the psychological barrier of 600 points, near the 636 mark, after having broken 600 down recently andit is now only 12% down for the year.