By Yasmin Selim  

CAIRO, Oct. 21 (Aswat Masriya) - Egypt's stock market continued rallying for a third day in a row on Wednesday with upward movement across the benchmark and secondary indexes.  

The benchmark index climbed 0.13 percent amid buying by foreigners to end the day at 7,669 points. Meanwhile the EGX 70 index for small and medium enterprises rose by 0.61 percent and the broader EGX 100 edged up by 0.54 percent.

Ahmed Zakaria, the director of customer accounts at Okaz Securities Brokerage said today's rise was due to many stocks trading at prices lower than their real value, which encouraged investors to buy.

Mohammed Radwan, sales manager at Pharos Securities previously told Aswat Masriya, "we see strong demand from Egyptian investors for stocks with small market values."

Zakaria believes the decision by the presidency to appoint Tarek Amer as the new governor of the Central Bank of Egypt (CBE), after former governor Hesham Ramez handed in his resignation did not "greatly affect" the stock market's performance.

Zakaria said, however, that the monetary policy that Amer will adopt in the upcoming period, particularly regarding the dollar shortage, may have an impact on dollar stocks.

Investors have suffered from dollar shortages and Amer's new policy will decide whether or not the crisis will be resolved, Zakaria added.

When Ramez took over in 2013, the Egyptian pound was changing hands at 6.5 pounds to the dollar. 

Since January this year, the Egyptian pound has lost 79 piasters against the dollar, taking the currency's decline to the year to 11 percent. Ramez also took several measures to put an end to the black market, further limiting investors' access to dollars. However, the parallel market has resurfaced once again.

During trading on Wednesday, foreign investors ended on net purchases of EGP 81.6 million, while Egyptian and Arab investors made net sales worth EGP 16.2 million and 35.4 million, respectively.