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Egyptian Stock Exchange rises by 2.5% in the first minutes of trading after news about COVID-19 vaccine

Egyptian Stock Exchange rises by 2.5% in the first minutes of trading after news about COVID-19 vaccine
Source: Getty Images

In the first 10 minutes of Tuesday’s trading session, the benchmark index EGX30 rose by 2.51% to 10984 points, thanks to Pfizer and BioNTech’s announcement of the completion of the third phase of tests for the COVID-19 vaccine.

Moreover, the EGX70 index for small and medium stocks rose by 1.9%, and the broader EGX100 index by 2.26%. EGX30 rose at the end of trading on Monday by 1.48% to 10838 points, with the support of foreign and Arab purchases.

“Today is a great day for science and humanity. The first set of results from our Phase 3 COVID-19 vaccine trial provides the initial evidence of our vaccine’s ability to prevent COVID-19. We are reaching this critical milestone in our vaccine development program at a time when the world needs it most with infection rates setting new records, hospitals nearing over-capacity and economies struggling to reopen. With today’s news, we are a significant step closer to providing people around the world with a much-needed breakthrough to help bring an end to this global health crisis. We look forward to sharing additional efficacy and safety data generated from thousands of participants in the coming weeks.”Albert Bourla, Chairman and CEO, Pfizer

On Monday, American pharmaceutical tycoon Pfizer and German next-gen immunotherapy company announced the release of a vaccine candidate that was found to be more than 90% effective in preventing COVID-19 in participants without evidence of prior SARS-CoV-2 infection in the first interim efficacy analysis.

Pfizer and BioNTech are continuing to accumulate safety data and currently estimate that a median of two months of safety data following the second (and final) dose of the vaccine candidate – the amount of safety data specified by the FDA in its guidance for potential Emergency Use Authorization – will be available by the third week of November. Additionally, participants will continue to be monitored for long-term protection and safety for an additional two years after their second dose.

Along with the efficacy data generated from the clinical trial, Pfizer and BioNTech are working to prepare the necessary safety and manufacturing data to submit to the FDA to demonstrate the safety and quality of the vaccine product produced.

Based on current projections, the companies expect to produce globally up to 50 million vaccine doses in 2020 and up to 1.3 billion doses in 2021.

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