Stock market on middling rise despite $2 billion from Kuwait

Egypt's stock market saw a limited decline on Wednesday despite a Kuwaiti deposit of US$2 billion that could push foreign reserves up.

Egyptian investors tended to sell while Arab and foreign investors were inclined to buy.

The main EGX30 index went down by 0.27 percent to 5665.44 points, the small and medium shares EGX70 index rose by 0.16 percent to 483.14 points, and the broader EGX100 index rose by 0.06 percent to 808.25 points.

Total trading was LE1 million, while the market capital stood at LE378.7 billion.

Broker Hani Helmy attributed the decline to the brokerages settling the open financial centers of their customers on Wednesday and Thursday of each week.

Helmy expected to see a rise on Thursday.

Edited translation from Al-Masry Al-Youm