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Egypt’s stock market reaches new 5-year high

The stock market experienced a steady growth since the military ousted former Islamist President Mohammad Mursi

Published: Updated:

Egypt's stock market has reached a new high this week despite unrest in the country, surpassing levels prior to the 2008 global economic crisis.

The stock market has experienced a steady growth this year, particularly since the military's ouster of former Islamist President Mohammed Mursi last July. Traders say investors are reacting positively to the military-sponsored political roadmap for the country.

Hesham Turk, the exchange's communications manager, said Thursday that the market's main index, EGX30, peaked the day before to levels higher than on Sept. 9, 2008, and was expected to make additional gains.

Since Mursi's ouster, the country has seen a rising insurgency, a crackdown on his Muslim Brotherhood group and regular protests by his supporters.

However, the market's rise has not alleviated daily economic hardships for many Egyptians.