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MENAFN - Kuwait News Agency (KUNA) - 26/06/2012

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(MENAFN - Kuwait News Agency (KUNA)) Egyptian stocks shot up on the first day of trading after Mohammed Morsi was declared winner of Egypt's first ever free presidential election, traversing a week of uncertainty since the presidential race began.

Egypt's stock market surged by 7.6 percent to make gains worth 18 billion Egyptian pounds.

The benchmark EGX 30 index was up 7.6 percent to 4482.48 points and EGX 70 jumped by 6.3 percent to 409.81 points.

The broader EGX 100 also edged up 6.3 percent to 694.81 points.
Trade on Egypt's stock market was suspended as stocks were surging on Monday but even so the market closed 7.6 percent higher, the first reaction to the announcement of Mohammed Morsi as Egypt's new President.

Egypt's benchmark index, the EGX30, had already gained 3.3 percent on Sunday, reflecting pre-announcement confidence in the outcome of the country's first free presidential election.

Earlier on Sunday, Muslim Brotherhood candidate Dr. Mohammed Morsi was declared winner of Egypt's first democratic presidential elections.

Morsi gained 13.2 million votes, a 51.73 pct majority over rival Ahmed Shafiq, the final prime minister under Hosni Mubarak, who garnered 12.3 million votes.

On Monday, Morsi arrived for the first time at the presidential office, where former President Hosni Mubarak, who was forced to leave power in a popular uprising last year, used to work.

In the coming days, the new president is due to select members of a coalition government which, Morsi has promised, will be headed by a "national figure" prime minister who does not come from the Brotherhood.

The cabinet headed by Kamal Al-Ganzouri, the prime minister appointed at the end of last year by the ruling military council, has tendered resignation.

But, it will remain in place, though, until Morsi has chosen his team.

 






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