CAIRO: Amid calls for a general strike, Egypt’s benchmark index, EGX 30 was up 2.93 percent on Sunday, its highest in six months.
The streets of Cairo are also busy and bustling as usual, unfazed by revolutionary youth groups who were calling for civil disobedience.
Egypt’s main index closed with a value of 4,892.92 points and a 35.08 percent increase in year-to-date change. EGX70 was up 3.72 percent currently at a value of 469.17 points, while EGX100 was in the green with a 2.34 percent increase and a value of 776.77 points.
In terms of market capitalization, the construction and materials sector was the most active, making up 26.07 percent of the days trading.
Telecommunications was the second most attractive sector for investors, making up 16.67 percent of total market capitalization.
Egyptians were active on Sunday, after seeing the people unaffected by the calls for a national strike the day before, making up 80.81 percent of the day’s trading, a record high for the past few months. On the other hand, non-Arab foreign traders made up about 8.79 percent, while Arab investors made up about 10.4 percent of the day’s trading.
Individuals were also the main traders for the day, making up about 74.40 percent of trading, while institutions made up 25.59 percent.
“Another strike is the last thing we need right now,” said Karim Helal, board member of CI Capital.
“Nobody in our firm, or our clients experienced any change in business, nobody is participating in civil disobedience,” he added.
Traders said many investors were relieved that a countrywide strike called by activists for Saturday passed off with few disruptions, and that Egypt’s talks with the International Monetary Fund seem to be going ahead with few glitches.
"News the strike was not successful overshadowed Standard & Poor’s," said Osama Mourad of Arab Finance Brokerage."
S&P on Friday cut Egypt’s long-term foreign currency rating to B from B+, five notches into junk territory, and kept the outlook at negative, citing a sharp decline in Egypt’s foreign exchange reserves and political uncertainty.
Despite the index’s rise, traders said some investors feel economic bumps lie ahead.
"No one can deny that the market is cheaply priced, but there is heavy buying that does not fit in with the economic situation of the country," said Walaa Hazem of HC Securities.
As public anger towards SCAF escalates for failing to fulfill promises of democracy, several student unions from universities and schools in across Egypt led the calls for the strike.
Several members of civil society groups are also showing their support, in solidarity with the revolutionary youth groups.
“We are participating in the calls for civil disobedience as individuals, not as an organization,” said Ali Zakaria, managing director of the Egyptian Democratic Academy in Cairo. “We can’t bring ourselves to operate as usual while people are dying, not getting their rights, and the revolution’s demands are not being met,” he added.
In Egypt’s coastal city of Alexandria, several faculties participating in the calls, announcing their full support until the revolutions demands were fully met, on top of which, handing over power to civilians.
Many secondary school students were also participating in solidarity with the victims of the Port Said stadium violence, which Egyptians are calling a “massacre,” that killed at least 71 young Ultras Ahly football fans.
“Several youth groups in Alexandria have announced their participation in the call for civil disobedience,” Mahienour El Massry, a lawyer and No Military Trials campaigner in Alexandria, told Daily News Egypt last Thursday.
However, the strike, which was scheduled to begin on the anniversary of president Hosni Mubarak’s ouster, public transportation workers, including those in subways, trains and buses were operating as usual.
The Center for Trade Union and Workers’ Services said that underground train drivers participated in the strike by slowing down the service. The center also said that 6,000 workers in the mechanic agriculture sector announced their participation.
Restaurants, coffee shops, and shopping malls in Downtown Cairo, even in Tahrir Square, the epicenter of the Jan. 25 uprising and subsequent businesses, were also open for business, busy and bustling with normal customers.
“People need to work to provide for their families, they can’t withstand another strike, the economy is already hit hard,” said one taxi driver in Downtown Cairo, who was resentful towards calls for a national strike.
In the old Cairo city of Darb Al Ahmar, which houses the famous Al Azhar University and the famous tourist destination of Khan el Khalil Bazaar, life was also operating normally.
One shop owner told Daily News Egypt that while he was with the revolution, he has to drop prices significantly in order to attract some customers since after the Jan. 25 uprising.
“The SCAF should have implemented revolutionary trials for Mubarak and his family from the beginning in order to appease the people so we would not have these constant protests that threaten our business,” the shopkeeper said. “We keep seeing protests because the people have not seen justice served.”
Egypt’s Coptic Pope Shenouda III as well as Al Azhar’s Grand Imam, Ahmed El-Tayeb, both condemned the calls for strike last week, pointing out that obstructing the workflow is “forbidden.”
Prime Minsiter Kamal El-Ganzoury and several other officials also condemned the strike.
Just a day ahead of the planned strike, SCAF reiterated on a message broadcast on Egypt’s state TV that they will not “yield to threats or succumb to pressure.”
Known for being headstrong businessmen, the Freedom and Justice Party, affiliated with the Muslim Brotherhood, which make up about 50 percent of the current people’s parliament also strongly condemned the calls for civil disobedience, stressing that it would ruin the country’s already-battered economy.
Helmy al-Saber said he worked overtime for an hour at the Cairo International Airport to show his rejection of the strike.
"The economy is reeling and it is not possible for a worker who loves his country to adhere to this civil disobedience, because it will only make the economy worse," he said. –Additional reporting by agencies.
