Stock market sees modest gains Thursday

The criminal court’s reversal of a freeze on the assets of 23 investors accused of manipulative stock market dealings reassured the stock market today, which closed with an increase of 1.2 percent.

The EGX30, which measures the top 30 companies, made transactions of LE258.3 million.

The EGX70, which measures the shares of small and medium-sized enterprises, rose 0.6 percent, while the EGX100 went up by 1.06 percent.

Mohsen Adel, vice president of the Egyptian Association for Finance and Investment Studies, said the stock market was positively affected by the decision to cancel the freeze. This step should improve the investment climate, he speculated.

“Businessmen who are convicted of financial corruption, especially if involving public funds, should be penalized, not reconciled,” he said.

For his part, Sherif Sami, board member of the General Authority for Investment, said investors may fear similar freezes in the future. “There must be laws to govern finance and investment crimes,” he said.

Edited translation from Al-Masry Al-Youm

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