Director of Research at brokerage and securities company Ehab Saeed said the Egyptian stock indexes lead indicator EGX30 succeeded during the past three trading sessions and continues to rise, which balanced much of the losses over the past two weeks. He attributed this rise to the calm in the first phase of the electoral process for the parliamentary elections, which passed without any real trouble. He said the recent decline in all stock prices of the Egyptian stock exchange was a reflection of the state of pessimism, which dominated a large number of investors, resulting from the electoral process. "Even if we assume there is an Islamist takeover of the parliamentary seats, I do not expect any negative impact on the performance of the Egyptian stock exchange due to it," Saeed added. "Quite the contrary, the market is witnessing a significant improvement in performance, especially since the Egyptian stock exchange suffered during the past nine months from lack of clarity of vision and the state of political turmoil in Egypt." He said the parliamentary elections, regardless of its ideological leanings, was a sign of political stability, which will consequently have positive effects on the Egyptian stock exchange. The stock ended the trading session yesterday December 1 with a rise in stock indexes driven by purchases by foreign investors with the market gaining nearly 4 billion EGP (U.S. $665.8 million).
