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VENTURES AFRICA – Following a slight deep on Monday – largely attributed to profit-taking – the Egyptian Stock Exchange (EGX) leapt to record a 1.15 percent gain to reach 6644.27 points on Tuesday, it’s highest since its 2011 socio-political uprising.
Investors are said to have been encouraged by Saturday’s announcement that a national referendum on the draft constitution has been scheduled for mid January, with the belief that a successful vote will ease back political stability.
“Generally, investors are optimistic as they expect the political situation to stabilise as the date for the referendum on the draft constitution has been set,” Issa Fathi, VP Egypt’s Chambers of Commerce Securities Division, told Reuters.
According to a report by Ahram Online, total stock turnover climbed to $87 million, almost doubling Monday’s $47 million.
Amongst the sectors that led the rise was real estate, with Palm Hills Development Company gaining approximately 2 percent, closely followed by TMG Holding’s 1.15 percent.
Closed deals indicated that domestic and Arab investors were mostly buyers, while foreigners were the bulk sellers.