CAIRO, Jul 12 (Aswat Masriya) - Egypt's stock market made a slight recovery on Sunday in the opening session of the week, after heavy retreats last week. 

At closing, the benchmark index EGX 30 had increased by 0.97 percent, rising to 7691.35 points, while the broader EGX 70 climbed upwards by 0.5 percent. 

Financial services company Naeem Brokerage told clients in a memorandum on Sunday that the benchmark index is seeking a "corrective movement", which may bring it to 8,200 or 8,300 points, should it succeed. 

The company advised clients to make use of the increase and sell. 

Last week, the Egyptian stock market dived, with EGX 30 losing 8.39 percent, settling at 7617 points.

Analysts believe that much of the Egyptian market’s stumbling was linked to the Greek debt crisis, saying the Egyptian stock market is quickly affected by global events.

Meanwhile, the Egyptian central bank kept the pound at a steady rate of 7.73 pounds to the dollar in a central bank auction on Sunday. 

This is the third time in a row that the central bank is keeping the pound unchanged, after recently allowing it to depreciate twice in less than a week.  

On July 2 and July 5, the central bank allowed the pound to depreciate by 10 piasters each time, dropping from 7.53 to 7.73, its lowest since the introduction of currency auctions in 2012.