CAIRO: The Egyptian stock market’s benchmark index is posting moderate gains with investors buoyed by news that former President Hosni Mubarak and his sons have been detained for questioning.
The Egyptian Exchange’s EGX30 index was up 1.15 percent by 12 pm Cairo time on Wednesday, recouping some of the 1.4 percent decline recorded in the previous day’s session.
Traders said turnover was higher than last week and investors were voicing hope that the detentions would allay frustrations of protesters who had complained that Egypt’s new military rulers were moving too slowly in the promised push for reforms.
The Egyptian market has been relatively stable in the days after its reopening late last month after a nearly two-month closure linked to the protests that ousted Mubarak.
