December 20, 2016 / 8:50 AM / a year ago

Egypt stock index jumps 3.4 pct to record high

DUBAI, Dec 20 (Reuters) - Egypt’s stock market rose sharply in early trade on Tuesday as investors piled in after the blue-chip index hit a record high.

The index was up 3.4 percent at 12,149 points after 40 minutes of trade, exceeding its previous all-time high of 12,039 points, reached in April 2008. The broader EGX100 index rose 1.5 percent.

The market has been in a strong uptrend since the Egyptian pound was floated on Nov. 3, weakening the currency and making stock prices much more attractive to foreign investors.

On Monday, the index jumped 3.1 percent. There was no major, fresh news on Tuesday to spur buying but the index’s rise above the 2008 peak, which some had expected to be strong resistance, encouraged many investors, traders in Cairo said. (Reporting by Celine Aswad; Writing by Andrew Torchia)

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