Egypt stocks reach highest level since 2011 revolution
Egypt's stock market on Tuesday hit its highest level since the 2011 revolution. Benchmark index the EGX30 recorded 7,258 points on Tuesday at around 10:55 am local time.
Tuesday is the first day of voting on the amended constitution, touted by the Egyptian authorities as a key step on the path to stability. The previous constitution was suspended after the ouster of president Mohamed Morsi during July last year.
The EGX30 registered 6,310 points on 26 January 2011 fell dramatically with the impact of the political instability; on 25 December of the same year it sat at its lowest 3,680 points, its lowest recorded level.
Although the market continued fluctuating as a result of ongoing political and economic turmoil, the EGX30 saw several steep rises in the first and third quarters of 2012, as well as after July 2013.
The third quarter of 2012 saw the election of Mohamed Morsi.
Egypt's main index managed to break pre-revolution levels on 7 November of last year, when it registered 6,415 points, and has been generally rising since then.
On Monday, the market recorded one of the highest levels for listed stock turnover, exceeding LE1 billion.
- Need some space? UAE's banking sector is getting too crowded
- Bank funding in the Middle East doesn't boil down to liquidity alone
- Why is the Israeli shekel so weak?
- What doesn't kill you, makes your stronger: why the Arab Bank is likely to emerge from the Israeli lawsuit 'unscathed with flying colors'
- Too foreign? An inside look into the struggles of foreign banks in Saudi Arabia