Cairo, Egypt - Egypt's stock market proceeded on Tuesday with its impressive performance, having resumed trading only last Wednesday, following an almost two-month halt at the height of the revolution that overthrew president Hosni Mubarak. The main EGX30 index, measuring the performance of the heavyweight stocks, rose for the third consecutive day, gaining better than three per cent Tuesday to close the session at 5,409 points. That makes for a total of an almost nine per cent gain in the last three trading days, after having fallen by nearly 13 per cent upon the resumption of trade 23 March following a 55- day halt that started 27 January.

The index is still down, nearly 24 per cent for the year, having also lost almost the same value since the eruption of the 25 January revolution.

Most leading stocks, which are usually the target of local and foreign institutions, rose on Monday but shares whose major shareholders are on trial for corruption investigation, like Ezz Steel and real estate giants Palm Hills and Talaat Mustafa, continued to fall to near the maximum limit down allowed of 10 per cent.

Small and medium caps rose for the fourth straight session, adding 2.4 per cent on Tuesday, ending the session at 567 points.

The index, whose shares are mostly held by Egyptian and Arab individual investors has now gained nearly 15 per cent over the last four trading sessions, but is still down nearly 21 per cent for 2011.

Several EGX70 stocks on Tuesday gained the maximum ten per cent allowed for one session, especially shares of cement and contruction materials.

In the meantime, the price weighted EGX100, which combines heavyweight stocks and small and medium caps, gained 2.5 per cent on Tuesday, to cross the 900 points barrier upwards, now standing at 910 points.

The index has lost almost 22 per cent of its value since the start of the year, with most of the losses coming 26 and 27 January at the height of protests that changed the regime in Egypt.

About 129 stocks rose Tuesday, 46 stocks dropped, while seven remained unchanged, just as total dealings reached 960 million Egyptian pounds (about US$ 161 million).

Newly appointed head of the Egyptian Stock Exchange, General Mohamed Abdel-Salam, has vowed the market will continue to trade unabated and will not halt trading for any potential reason.

Pana 30/03/2011