Tuesday, 14 August 2012

MIDEAST STOCKS-Egypt ends near 5-mth high; most Gulf mkts up - Yahoo! News Maktoob

Egypt's index rose for a third straight session on Tuesday, closing at a near 5-month high, as President Mohamed Mursi's move to take powers from the army revived hopes of economic stability among investors.
Mursi, voted into office in June after the ousting of Hosni Mubarak last year, retired the country's two top generals and cancelled a decree issued by the military before his election which had curbed the power of the presidency.
"On paper things are looking more neat and more comfortable for any kind of investor," said Teymour el-Derini at Naeem Brokerage. "Things are going in a democratic manner... I think we'll see a rally in the next couple of months."

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