Egypt stocks extend gains after elections

AP News
Posted: Dec 01, 2011 6:24 AM
Egypt stocks extend gains after elections

Egypt's benchmark stock index is extending its gains for the third consecutive day, after landmark parliamentary elections eased investor sentiment about the country's political instability.

The Egyptian Exchange's EGX30 index was up about 1.25 percent by 1:15 p.m. local time on Thursday, climbing to 4,070 points. The index posted gains slightly under 1 percent on Wednesday and surged almost 5.5 percent on Tuesday, the second of two days of voting.

The rally following the first phase of the vote for the lower house of parliament offers a rare bit of good news for the Arab world's most populous nation, whose economy has endured a heavy hammering in the nearly 10 months since the popular uprising that ousted former President Hosni Mubarak.