CAIRO: Egypt’s benchmark index ended 0.7 percent higher on a slow trading day, the first day of the Muslim holy month of Ramadan, and as traders awaited developments of the trial of ousted president Hosni Mubarak set to start on Wednesday.
"(The market) is typical of a first day of Ramadan," said EFG-Hermes’ head of research Wael Ziada.
Tarek Abaza, trading manager at Naeem Brokerage, said: "the volumes are very low today as Ramadan is starting and traders are waiting to see the developments of the trial of Mubarak."
Many Egyptians have staged sit-ins for weeks asking for a quicker and swifter trial for Mubarak and his aides accused of corruption and killing of protesters during the 18-day uprising that led to Mubarak’s overthrow in February.
Egypt’s Orascom Telecom gained 0.3 percent, while Ezz Steel shed 0.2 percent and Pioneers Holding was down 0.6 percent.
"The market is less reactive to company news at this time as the political scene is what is worrying traders the most," said Abaza.
