Egypt’s stock exchange chief set to reassume post as shares rise

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Egypt’s stock exchange chairman Mohamed Omran, who on June 30 left his post due to his term ending, is set to be reappointed as local stocks surged to their highest point in five months.

Prime Minister Hazem el-Beblawi, head of the interim government, is expected to sign Omran back in on Monday, according to an unnamed government official quoted by Reuters.

Sherif Sami, a member of the board of General Authority for Investment, has also been named head of the Egyptian Financial Services Authority, an official told Reuters.

The appointments come as Egypt's economy faces its worst economic slump in two decades, with 17 economists polled by Bloomberg estimating growth this year of 2.1 percent.

Local stocks surged this week however, hitting the highest point in five months on bets that the central bank’s first interest-rate cut in four years will help boost economic growth, Bloomberg reported.

The EGX 30 Index yesterday jumped 2.9 percent to 5,530.46, the highest since February 26. The benchmark index has gained 1.3 percent this year.

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