Egyptian Bourse tops 7500 points for first time in 19 months
Egypt’s stock exchange continues its upward momentum, on sustained buying from Arab and foreign investors.
April 13, 2010 5:33 by kippreport
Egypt’s stock exchange surpassed the 7500-point mark Monday for the first time in 19 months on Monday. Sustained buying from Arab and foreign investors is credited with strengthening market momentum, according to Egypt’s daily newspaper, Al Masry Al Youm.
Market activity was impacted by an announcement earlier that the Algerian branch of Orascom Telecom (OT), had paid a final installment to Algeria’s tax authority in a dispute over unpaid income tax. Trading in OT shares hit LE420 million for the day, despite a minor decline in OT’s share price.