Summary Box: Egypt stocks rally for 3rd day

AP News
Posted: Dec 01, 2011 5:16 PM
Summary Box: Egypt stocks rally for 3rd day

MARKET RISES: Egypt's benchmark stock index extended its gains for a third consecutive day Thursday after landmark parliamentary elections passed relatively peacefully.

CLOUDS ON HORIZON: Few expect the rally to continue amid the lingering political uncertainty and growing economic problems in Egypt, the Arab world's most populous nation.

HAZY OUTLOOK: The pummeling sustained by the vital tourism sector and the drying up of foreign investment mean that the country's military rulers have been unable to meaningfully push through any real efforts at job creation and private sector growth that are key to supporting the economy in the medium and long-term.