Egypt's benchmark stock index edged to its highest level in nearly three years on Wednesday, securing additional gains on the back of another government stimulus package to the tune of $4.36 billion.
As the Arab world's most populous country grinds through a transition overseen by the army, investors have largely taken repeated protests and pervasive violence in stride. A referendum on a revised constitution has been slated to take place on Jan. 14 and 15, paving the way for parliamentary and presidential elections later in the year.
The EGX 30 closed Wednesday at 6,723.64, up 3.24 points, its highest close since Jan. 24, 2011.
The size of the stimulus package, unveiled on Monday, was larger than authorities had previously indicated, and follows a $3.2 billion package launched last August.
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Formerly a favorite among emerging market players, this time around the rally has predominantly been driven by local investors. Return on the benchmark EGX 30 since the fall of Mohamed Mursi on July 3 is 26 percent, and 22 percent over the last three months.