Egypt’s stock market posted weekly gains worth 10.8 billion Egyptian pounds (US$1.4 billion) during four trading sessions.
Trading shut for one day on the occasion of the 25 January Revolution anniversary as well as Police Day.
Egypt’s rally comes in tandem with rallies in the Gulf, after oil prices made a rebound last week. Oil prices rose on Friday, rebounding more than 25 percent from 12-year lows hit last week and cutting losses for the month, Brent March futures LCOc1, which expired on Friday, closed at $34.74 a barrel, 85 cents or 2.5 percent higher. On Jan. 20, it hit $27.10, its lowest since November 2003.
Oil prices have dramatically fallen over the past year and a half, since the global market has been flooded with supply. Brent crude had hit its lowest point in 12 years, earlier this month, dropping below $30.
Market capitalisation ended at 391.326 billion pounds last Thursday, compared to 380.5 billion pounds at the end of a week earlier.
Main index, EGX 30 climbed 4.8 percent in a week to close at 5986.78 points during Thursday’s session.
The main index registered its highest point on Thursday closing at 5986.78 points, whereas its lowest point recorded on Sunday at 5893 points.
In addition, the mid- and small-cap index, the EGX70 inched up in a week by 3.5 percent closing at 356 points during Thursday’s session, compared to 344 points at the end of a week earlier.
The price index, EGX100 also surged 3.3 percent finishing at 715 points during Thursday’s session, from 692 points at the end of a week earlier.
Through last week, the trading volume hit around 847 million securities, compared to 1.5 billion. For the traded value, it reached 4.6 billion pounds against 5.8 billion pounds a week earlier.