DUBAI Dec 20 Egypt's stock market rose sharply
in early trade on Tuesday as investors piled in after the
blue-chip index hit a record high.
The index was up 3.4 percent at 12,149 points after 40
minutes of trade, exceeding its previous all-time high of 12,039
points, reached in April 2008. The broader EGX100 index
rose 1.5 percent.
The market has been in a strong uptrend since the Egyptian
pound was floated on Nov. 3, weakening the currency and making
stock prices much more attractive to foreign investors.
On Monday, the index jumped 3.1 percent. There was no major,
fresh news on Tuesday to spur buying but the index's rise above
the 2008 peak, which some had expected to be strong resistance,
encouraged many investors, traders in Cairo said.
(Reporting by Celine Aswad; Writing by Andrew Torchia)