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.
- An impending frenzy? Liberalization of Saudi stock market to usher 'new era' in GCC investments
- Eyes on the Cityscape: Mongolia, out of all places, is set to woo Middle East investors
- The rise of dollar: aka the downfall of oil markets?
- You don't need to be Muslim to practice? Why Goldman Sachs' sukuk sales worked so swell this around
- Erdogan's ready to smear the banks: is Turkey about to face a financial crisis worse than that of 2001?