Egyptian Stock Index Soars to Record High

CAIRO, 22 November 2004 — Egypt’s benchmark stock index soared to a record closing high yesterday on broad positive sentiment about the Egyptian economy and company results. Shares in banks and companies in the Orascom group helped push the Hermes index 1.6 percent higher to 23,201.73 at the end of the session. The broader CIBC index was last quoted 0.7 percent up at 101.96 points. “The economy’s improving and a lot of things are on the cards — privatization, the sale of shares in joint banks. So people are optimistic,” said Bassim Arida of CIBC Brokerage.