Egypt's stocks rise in early trade as global markets edge up

Sunday 14-02-2016 11:21 AM

CAIRO, Feb 14 (Aswat Masriya) - Egypt’s benchmark index EGX 30 rose by 0.28 per cent to reach 5,830 points in the first 15 minutes of trade on Sunday, in response to an increase in Arab Gulf and foreign markets along with a rise in global oil prices. 

The index for small and medium shares EGX 70 also climbed by 0.29 per cent, and the broader EGX 100 index by 0.25 per cent.

Stock markets of Arab Gulf states were lifted by Friday’s 12 per cent hike in oil prices. 

Egypt’s main and secondary indices had collectively declined last week, with EGX 30 going down by 6.26 per cent, reaching 5,814 points, down from 6,202 the week before.

Egypt's stock exchange has been hit hard by the instability created by the dramatic fall in oil prices in the past year and a half, with the global market being flooded with supply. 

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