CAIRO, Aug 5 (Aswat Masriya) - Egypt’s stock market closed with a surge in profits on Tuesday amid transactions by foreign institutions and investment funds.

The stock market’s benchmark index, EGX30, recorded a 1.02 percent increase, rising to 9010.31 points, reported state news agency MENA. The index for small and medium-sized companies, EGX70, meanwhile recorded a 0.18 percent increase, rising to 628.22 points.

President Abdel Fattah al-Sisi launched on Tuesday a new mega project which entails digging a new 72-km (45-mile) canal alongside the existing Suez Canal. It is expected to cost $4 billion.