Egypt's stock market gains 760.1 billion pounds

The market capitalization of the shares of companies listed on the Egyptian Stock Exchange gained 14 billion EGP to reach 760.1 billion EGP, after a total business turnover of 4.1 billion EGP.
The main Egyptian stocks posted the best performance of nearly 3.5 months on Wednesday, extending gains from the previous session, supported by better than expected inflation data for the month of July.
The main index of Egypt rose 2.5% to 14,541 points, a level not seen since May 5th. International Commercial Banking rose 2.8%, while Elsewedy Electric jumped 8.1%.
Egypt said last Thursday that underlying inflation had fallen to its lowest level in nearly four years, falling to 8.7% in July and contrary to badysts' expectations because it was following up to a new round of fuel subsidy reductions, which resulted in a local price increase of between 16 and 30%. .
Inflation allows the Egyptian central bank enough leeway to start monetary easing Last month, the central bank's monetary policy committee kept its key rates at 15.75 percent and 16.75 percent, respectively.