Egypt’s benchmark EGX-30 index jumped by 1.29% Wednesday to 6173.59 points, up from Tuesday’s close of 6095.13, representing the market’s first gains since the significant drop it suffered on 27 October.
Islam Abu El-Fetouh, a bourse investor, said that the Azhar clashes played a significant role in the drop the stock market witnessed during on October 28.
“The volatility of these ups and downs is expected to continue until 4 November,” Abu El-Fetouh said, referring to the trial date of ousted president Mohamed Morsi.
Abu El-Fetouh added that “if no abrupt violence [takes places], then I believe the bourse will make noteworthy gains and [exceed] 6000 points.”
The EGX 70 Index, which encompasses small and medium sized companies, scaled up by 1.14% to stand at 516.32 points, compared to 507.42 at the close of Tuesday trading.
The broader EGX-100 index meanwhile reached 865.96 points, a 1% increase from Tuesday’s 857.36, while the EGX-20 capped index climbed by 1.49% to 7262.73 points. The trading day ended with 99 gainers, 60 decliners while 26 remained unchanged.