Egypt stocks open 1.5% higher, extend post-Mursi rally

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Egypt’s stock market opened higher on Sunday as some investors continued to cheer the ouster of President Mohamed Mursi, despite fresh political turmoil over the weekend.

The main stock index opened 1.5 percent higher and was up 1.2 percent after several minutes of trade. Turnover was thin and buying focused on small-caps rather than blue chips, suggesting most interest came from local retail investors rather than institutions or foreigners.

Hopes that Mursi will be succeeded by a technocratic government that addresses economic problems helped boost the stock market 7.3 percent on Thursday.

These hopes persist among some investors, although the planned appointment of United Nations nuclear agency chief Mohamed el-Baradei as interim prime minister was derailed over the weekend, and rioting in some parts of the country worsened.

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