CAIRO: Egypt’s benchmark share index inched up after two days of losses, led by local retail investors who believe some of the political tensions of the last two weeks may have eased, traders said.
Many Egyptians had feared the parliamentary election that began last week would be marred by violence, but voting was proceeding peacefully on the final day of a first-round run-off vote on Tuesday.
Another two rounds are scheduled over the next five weeks.
The 30-share index edgedup 0.1 percent to 4,024 points, while a broader index, which contains shares popular with local retail investors, climbed 1 percent.
"They feel we are more comfortable than before, after the elections," said Mohamed Radwan of Pharos Securities. "They expect the new Cabinet to be announced tomorrow and that it will take some strong steps to help the economy."
Egypt’s newly-appointed prime minister, Kamal El-Ganzoury, has been working to form a "government of national salvation."
Blue-chip Orascom Construction (OCI) fell 1.4 percent and Commercial International Bank (CIB) 1.3 percent. Property developer Talaat Moustafa Group gained 1.1 percent and Telecom Egypt 2.1 percent.
