Egypt’s bourse recovered on Wednesday from a four-week low as bargain hunters shrugged off political unrest (…). Cairo’s main index rose 1.5 percent, halting two sessions of sharp declines after the government declared a state of emergency in three cities on the Suez Canal.
“The market rebound today is a correction after a sharp decline yesterday, but we expect the bourse will break 5,500 again to target 5,300 next week,” said Ahmad Sharaby, Cairo-based technical analyst at Mawarid Egypt. (…)
However, investor concerns still linger as two more protesters were shot dead before dawn near Cairo’s central Tahrir Square on the seventh day of a wave of unrest.
“There’s a psychological pressure [on investors] from the political situation,” Sharaby said. (….)