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Egypt's bourse rebounds at week's end following earlier dive
A man rests at his desk at the Egyptian stock market in Cairo, November 25, 2012. Egyptian share prices plunge, with the benchmark index losing nearly 10 percent in the first trading session since President Mohamed Mursi ignited a political crisis by expanding his powers. REUTERS/Asmaa Waguih
By Mohamed Gad
CAIRO, Aug 27 (Aswat Masriya) - Egypt's stock market bounced back on Thursday after recording heavy losses at the start of the week.
The stock exchange's benchmark index EGX30 rose by 2.99 percent on Thursday, closing at 7978.83 points. The rise echoed the improved performance of the U.S. stock market on Wednesday, paving the way for a rebound across international markets.
U.S. stocks recorded their biggest profit in one day since 2011 on Wednesday, halting a decline in the market which lasted for six days.
On Friday, American crude slipped further below the $40 mark per barrel.
The latest slide of several global stock markets reduced the possibility of raising interest rates for the U.S.'s Federal Reserve in September.
The poor performance of the U.S. stock market earlier this week has had its toll on that of Egypt.
On Sunday alone, EGX 30 fell sharply by 5.42 percent and on Monday, a further slide brought EGX 30 to its lowest point since December 2013.
The Egyptian bourse's Thursday rally is directly related to the improvement of international markets, which in turn were affected by comments about raising the Federal Reserve's interest rates, said Mohamed Saad, technical analyst at Naeem Brokerage Egypt.
Saad expected the Egyptian market's upturn to continue in the coming sessions, targeting 7250 points.
Foreign buyers ended their trading in Egypt's bourse on Thursday with net purchases worth 5.4 million Egyptian pounds ($689479.13), whereas Egyptian and Arab buyers ended trading at net sales worth 377.1 thousand pounds ($48148.63) and 5.1 million pounds ($651174.73) respectively.
