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.
Also Read
-
Brotherhood sees Egypt 'coup' fuelling hatred of West
Egypt’s Muslim Brotherhood believes Western governments fully supported the military overthrow of President Mohamed Mursi, a decision it says ... Features -
Gas pipeline between Egypt and Jordan hit by explosion
An explosion hit an Egyptian pipeline on Saturday in the lawless Sinai Peninsula following a series of attacks the last several days on security ... Middle East -
Egypt's new president asserts authority as Mursi's legacy dismantled
Egypt’s new president moved to assert his authority and regain control of the streets Saturday even as his Islamist opponents declared his ... Features
