Stock market achieves limited gains Thursday

The stock market’s benchmark index EGX-30 rose by 0.5 percent reaching 5726.22 points Thursday. 
The small and medium-sized index EGX70 declined by 0.33 percent reaching 491.78 points. The broader EGX100 climbed by 0.07 percent reaching 823 points.
Stock trading volume declined to reach LE363.6 million. Market capital gained LE600 million to end trading at LE380 billion.
Ahmed Helmy, an expert on capital markets, said volatility dominated the stock indexes due to the US economic crisis which affected the Arab capital markets.
The US crisis may negatively affect the economies of various countries, particularly in light of the expected decline in the demand for oil.
Hany Helmy, head of one of the brokerage firms, said the decline in stock market indexes was temporary, especially in light of the low trading volumes. The stock exchange was losing in the morning, but turned slightly upward by the end of the trading session because of Arab investors' purchases, he added.
The decline in the small and medium-sized index EGX70 comes because of the coming 10-day holiday, beside the impact of the American political crisis which raised fears of another global financial crisis as in 2008.
Edited translation from Al-Masry Al-Youm

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