Amazingly Egypt’s shares reached a three-month high on Monday, ignoring renewed violence which hit the troubled country on Sunday.
EGX30 – the benchmark index – surged 0.7 percent, reaching 5,765 index points because investors remained assured in the midst of the fresh outbreak of violence in Egypt.
Eissa Fathi, the Cairo Chamber of Commerce’s securities’ vice-head, attributed investors’ confidence on the stocks to the fact that they (investors) thought the violent situation would change for the better soon.
“Investors ignored the violence on Sunday, when deadly clashes occurred between (Muslim) Brotherhood supporters and security,” Fathi told Al Ahram Online.
“They’re [investors] getting used to such scenes,” Fathi continued in an interview with Al Ahram Online.
Battles exploded between Egyptian army and factions supporting the deposed President Mohamed Morsi in many Egyptian towns on Sunday.
At least 51 persons were reportedly wounded when the military remembered the 40th anniversary of Israeli-Arab battles of 1973.
Eyptians demonstrators turned out in great numbers to march on the streets but were opposed by a large contingent of army forces that allegedly used live ammunition.
“(Our supporters were)… confronted by cold-blooded coup forces that shot to kill, with live bullets … in a bloody scene masterminded by ruthless, bloody-minded coup commanders and collaborators,” read the statement published on the Muslim Brotherhood’s website on Monday.
