(Photo by Mohamed Omar)
Egyptian stock market bench-mark index EGX-30 jumped 1.92% to reach 8116.19 points on Wednesday, compared to the preceding day’s 7963.37.
The capital market gained over EGP 6bn on Wednesday. After a series of losses, the bourse recorded its first profits on Tuesday, amounting to some EGP 8bn.
Small and medium enterprises jumped by 2.2% and reached 577.45 points, compared to the 565.03 pointed recorded on Tuesday. The broader EGX-100 index also increased to reach 1009.39 points, rising 1.96% compared to the previous day.
The trading day closed with 139 gainers, 19 decliners and 17 unchanged.
On Sunday the market witnessed a significant loss of EGP 15.99bn while last Thursday the loss amounted to over EGP 12bn.
The bourse’s losses started during the presidential elections. During the first elections day, the bourse’s benchmark index EGX-30 dropped minimally from 8762.86 points on 25 May to 8736.28 points on 26 May, losing almost EGP 1bn.
On the second day of elections, following the prime minister’s announcement that the second day would be a national holiday, the market was closed. The third day, however, witnessed a notable plummet, with the market losing over EGP 6bn.
Top stock market analysts said the capital gain tax, which was announced by the government last week, was behind the major losses the bourse suffered.
