Egypt’s stock exchange rises in volatile session as county steps up coronavirus checks

Egypt’s stock exchange (EGX) on Wednesday rose in volatile trading as oil prices rebound and the government stepped up action to contain the coronavirus outbreak.

The benchmark EGX 30 dipped 0.05 percent to 11,194 points, while the broad ranged EGX 100 index rose 0.52 percent to 1,173 points.

Egyptian government decided on Monday to suspend events in the country that include large gatherings, hoping to contain the flu-like virus.

Health authorities on Monday started sanitizing hotels and cruise ships in the popular tourist destination of Luxor following an outbreak of the disease on a River Nile cruise ship. They also began testing staff and guests for the virus. Tourists and staff were not allowed in or out of hotel facilities or cruise ships until the health workers completed the sanitization and testing.

The country’s stock exchange and all banks will be closed on Thursday due to the bad weather conditions forecast for the day.

Market Cap

EGX’s market capitalisation finished the week with gains worth 1.5 billion Egyptian pounds ($95.4 billion).