Cairo - Mubasher: The Egyptian Exchange (EGX) recovered from the huge losses achieved last week, as investors await the Central Bank of Egypt’s (CBE) decision regarding interest rates.
The CBE is highly expected to maintain the current rates, delaying its move towards a more accommodative monetary policy.
Benchmark index EGX30 gained 3.8% or 548.9 points, and closed at the level of 14,632.40 points.
The small and medium sized enterprises index increased by 2.3% to 698.78 points, while the broader index EGX100 added 2.5% and closed at the level of 1,784.85
Market capital rose by EGP 21.8 billion, ending the week at the level of EGP 801.9 billion.
Last week, EGX30 dropped 8% and ended the week at the level of 14,083.48 points, with losses amounting to 1,225 points.
Analysts contributed the losses of the Egyptian Exchange to local and global factors, after the Cairo Criminal Court ordered the arrest of Gamal and Alaa Mubarak, as the two sons of former President Hosni Mubarak were accused of stock manipulation, while global markets remain concerned with the rising trade war tensions between the United States and China.
