Stock market surpasses expectations and earns LE900 million

Stock indices rose on Thursday in the last trading session of the week, surpassing the predicted negative effects of an assassination attempt on the Interior Minister.

Arab and foreign investors were more inclined to sell, while Egyptian investors were drawn to buying.

The main EGX30 index fell by 0.38 percent to 5169 points, whereas the the broader index went up by 0.54 to hit 744.2 points.

Total trading hit LE267.4 million through 16,200 transactions, and the market capital earned LE900 million to reach LE352.3 billion.

“The rise here amid declines in Arab stock exchanges reflects investor confidence in the Egyptian market,” said Hani Helmy, head of a brokerage firm.

He added that investors were encouraged by Investment Minister Osama Saleh's announcement about the government mulling over the cancellation of the stamp tax on stock trading.

For his part, Ahmed Khaled, member of the American Association of Professional Technical Analysts, said the market is in a bottleneck pending the strike on Syria. He predicted a continued spin-off between 5250 points and 5150 points in the coming sessions.

He also said that profits have slowed down in the third quarter of this year due to the unstable political situation. “Companies may not disburse dividends, which would bring down stock prices,” he said.

Edited translation from Al-Masry Al-Youm