The US Bloomberg Agency said that the main Egyptian Stock Exchange index has made the largest jump in the world after news that the Central Bank will support the stock market by about 20 billion Egyptian pounds, equivalent to 1.3 billion dollars.
Bloomberg explained that the index EGX30 It rose by 6.8% shortly after the opening of the stock exchange today in Cairo, to extend the increase by 5.9% in the previous session. The Commercial International Bank and the Eastern Company rose SAE 5% and 10%, respectively, leading to an increase in the index.
Bloomberg indicated that President Abdel Fattah El-Sisi, after the stock market closed on Sunday, said he would provide funds to support the stock market, while urging Egyptians to respect the strict procedures in place to contain the spread of the Corona virus in Egypt.
The assistance comes after both the National Bank and Banque Misr in Egypt said last week that they would pump 3 billion pounds into the market. The Egyptian Stock Exchange index is still down 26% this year, compared to 31% for the index MSCI EM.
The indicators of the Egyptian Stock Exchange, has continued to rise in mid-session Monday, driven by purchases from Egyptian dealers, while Arab and foreign transactions tended to sell, and the rise came after President Abdel Fattah El-Sisi announced the allocation of 20 billion pounds from the central bank to support the stock market.
The index of medium and small companies “EGX70 Equal weights” increased by 5.13% to 914 points, and the index “EGX 100” increased by 5.31% to reach the level of 1021 points, and the Nile Stock Exchange index increased by 0.77% to reach the level of 588 points .
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