Egyptian Stock Exchange soars $30 million every minute since Morsi victory

The Egyptian Stock Exchange has seen prices soar following the victory of President-elect Mohammed Morsi in the election run-off. There had been a run of huge losses in the days before the announcement of Morsi’s victory was made.

The market’s capital value reached 14.5 billion Egyptian pounds by Monday’s mid-day transactions, the equivalent of £181.3 million or $30 million every minute on the first post-election business day.

A buoyant optimism dominated traders on Monday after Morsi’s speech which appears to have reassured individual and foreign investors, as well as the congratulatory messages that he received from overseas. All are regarded as positive indicators for the stock market.

Capital market brokers expect the significant increase in the stock indices to mark the beginning of a period of long-term growth. A spokesman said that the expected demand from individual investors is reflected positively on the market’s general situation and the noticeable rise in the market.