Egypt's stock market climbs on ENI's 'supergiant' gas discovery

The benchmark index of Egypt's stock exchange EGX 30 surged in trading on Monday, reversing downward movement earlier in the day.

This comes one day after Italian oil and gas company Eni announced a gas discovery off Egypt's coast in the Mediterranean that "could hold a potential of 30 trillion cubic feet of lean gas." The company described its discovery as "supergiant."

EGX 30 rose by 2.79 percent to 7,252 points. The medium and small enterprises index EGX 70 climbed by 1.68 percent and the broader EGX 100 surged by 1.72 percent.

The boost in Egypt's market was also driven by the announcement of Egypt's parliamentary election dates on Sunday. The first phase of voting inside Egypt will run from October 18 to 19, while the second is scheduled for November 22 and 23.

Ahmed Zakaria, the director of customer accounts at Okaz Securities Brokerage said announcing the election dates was a "relief for institutions ... we have had a legislative vacuum which was concerning" for foreign institutions, he said.