Reuters – Egypt’s index, which had lost 8% of its value in the previous three sessions, rebounded on Tuesday to close 1.5% higher.
The dip was a result of profit-taking by investors who had built up positions in anticipation of former army chief Abdel Fattah Al-Sisi’s run for president.
Sisi, who investors hope will stabilise the economy and carry out much-needed reforms, officially made the move last week, prompting market players to book profits.
Egypt’s central bank helped the market bounce back, saying on Tuesday it had covered the entire backlog of dollars owed to foreign investors seeking to repatriate funds from the country.
