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Egypt stocks rise on hopes for political accommodation

Published: Updated:

Egypt’s stock market rose in early trade on Tuesday because of tentative hopes that a political accommodation could be emerging that would allow an interim government to be formed before elections.

Cairo’s benchmark index, which had tumbled 3.6 percent on Monday, was up 2.0 percent in the opening minutes of trade on Tuesday.

A spokesman for the Nour Party, the country’s second-biggest Islamist movement after the Muslim Brotherhood, said it would accept the choice of former finance minister Samir Radwan as interim prime minister. Political sources said Radwan had emerged as the favorite for the post.

Late on Monday, a decree issued by interim head of state Adli Mansour revealed plans for parliamentary elections within about six months, with a presidential vote to follow.

It is unclear whether such a timetable can be followed, but the installation of an interim government could allow Egypt to begin addressing its economic problems and negotiate aid packages with the International Monetary Fund and Gulf donors. A delegation from the United Arab Emirates is expected to arrive in Cairo for talks on aid within a day or two.