"Egypt’s stocks rose, rebounding from the biggest drop in almost a month, as the interim president set a timeline for new elections. Benchmark bonds slumped for a second day.
The benchmark EGX 30 Index climbed 3.2 percent to 5,288.06 at 11:47 a.m. in Cairo, set for the biggest increase since July 4, as all but one stock advanced. Commercial International Bank Egypt SAE, the nation’s biggest publicly traded lender, led the gains, jumping 4.6 percent on volume of 37 percent of the three-month daily average. The yield on the government’s 5.75 percent bonds due in April 2020 surged 39 basis points to 9.71 percent.
Adly Mansour, who was appointed by the army as interim president after President Mohamed Mursi was ousted last week, said in a document yesterday that Egypt would amend the constitution and hold parliamentary elections in seven months. The EGX dropped 3.6 percent yesterday and bonds declined as a shooting of Islamists by the army outside a Republican Guard building left more than 50 dead."
'via Blog this'
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