Egypt’s main stock index jumped the most in the world after President Abdel Fattah El Sisi had announced that the Central Bank of Egypt would support the bourse to the tune of 20 billion Egyptian pounds ($1.3 billion).
The EGX30 index climbed as much as 6.8% shortly after opening Monday in Cairo, extending a 5.9% increase in the previous session, according to Bloomberg Quint.
The Commercial International Bank and Eastern Company SAE surged 5% and 10%, respectively, fueling the index’s increase.
After the exchange closed Sunday, Sisi said that the central bank would provide the funds to support the stock market, while urging Egyptians to respect strict measures in place to contain the spread of the coronavirus in the Arab world’s most populous nation.
The aid comes after two state-run lenders had said last week they’d inject 3 billion pounds into the market.
It is worth mentioning that Egypt's Exchange (EGX) indexes continued collective gains on Monday for the third successive session backed by purchases of local institutions and investment funds.
The market capital gained 16.5 billion pounds to hit EGP 540.8 billion, amid transactions that hit EGP 14 billion.
The EGX 30 benchmark index jumped 3.04%, registering 10,047.44 points.
The broader EGX 70 EWI index of the leading small and mid-cap enterprises (SMEs) increased 4.01%, recording 904,75 points.
The all-embracing EGX 100 index was up 4.32%, hitting 1011,73 points.
Follow the latest news on Google News
