Egypt stocks shut today on 2011 Uprising anniversary

Egyptian stock market is closed Monday on the occasion of the 25 January Revolution anniversary as well as Police Day.

Trading will be resumed on Tuesday, January 26th, 2016.

On Sunday, the Egyptian stock exchange’s main indices rallied as rising oil prices pushed Egypt and Gulf markets up.

Market capitalisation recorded 386.328 billion Egyptian pounds during Sunday’s closing session.

The benchmark index EGX30 rose 3.15 percent to reach 5,893 points.

The index for medium and small enterprises EGX70 and the broader EGX100 also edged up 2.29 and 1.88 per cent, respectively.

Mohamed Elnagar, the head of research and investment at El Marwa Brokerage said Egypt’s Sunday rally is not a sign of a “real recovery” since pressures on foreign institution to sell are still strong.

Elnagar says a recovery of Egypt’s market is pending on the direction that oil prices take and the performance of global markets at the beginning of this week. The effects of the global market performance will be seen in Egypt on Tuesday since the trading is cancelled for Monday which coincides with fifth anniversary of the 2011 Uprising and the national police day.