The Egyptian Exchange (EGX) closed on Thursday the 16th of October on a cautiously optimistic note, with the benchmark EGX30 advancing 0.06% to 37,677.19 points, according to data from market-watchers.
Other indices fared better: the EGX35‑LV rose 1.10% to 4,201.59, the smaller-cap EGX70 climbed 0.76% to 11,654.08, and the broader EGX100 gained 0.60% to 15,364.41. In contrast the Shariah-compliant EGX33 slipped 0.01% to 3,785.39.
Total market capitalisation hit EGP 2.692 trillion, signalling modest growth in breadth.
In a notable shift, domestic investors took the lead: Egyptians were net buyers to the tune of EGP 1.87 billion, Arabs net bought EGP 2.20 billion, while non-Arab foreign investors emerged as net sellers for EGP 4.07 billion.
Market analysts say this divergence may reflect growing local confidence in specific sectors, even as some foreign funds remain cautious amid global headwinds. “We are seeing domestic institutions and retail buyers stepping up, especially in consumer names,” notes financial strategist Mohamed Attia.
Turnover leaders included:
- Raya Customer Experience, which soared 10.79% to EGP 11.60,
- The Amer Group Holding, up 8.87% to EGP 1.35,
- South Cairo & Giza Mills & Bakeries, rising 8.85% to EGP 178.54.
Conversely, real-estate and investment stocks suffered: Egyptian Gulf Marseilia for Real Estate Investment slipped 4.29%, Saudi Egyptian Investment & Finance dropped 3.38%, and Creast Mark for Contracting And Real Estate Development fell 2.76%.
The surge in Raya and Amer Group suggests investor appetite for consumer-facing and real-asset plays, while the real-estate segment remains under pressure amid cost and financing concerns. “We are witnessing selective rotation into stocks tied to domestic consumption and private education, while sentiment in property remains weaker,” says Hany Genena, economist and former head of research at Pharos Holding.
The moderate gain in the EGX30, combined with stronger performance in small/medium-cap segments, indicates a broadening of the rally beyond just the top blue-chips. According to a market wrap by EFG Hermes, trading volume was approximately EGP 6.3 billion, some 29% above the 90-day average, signalling that the bounce carries some conviction.
The fact that foreign investors sold while locals bought could suggest that many international funds remain on the sidelines, possibly awaiting clearer macro signals or further structural reform updates. “If foreigners return in size, we could see a breakout above the 38,000 level in the EGX30,” notes Genena. But he adds that “without that return, the market may continue to consolidate in the 37,500-38,500 band for now.”
The current week appears set for measured optimism rather than a runaway rally. Domestic demand is supporting the market, but foreign investor caution remains a drag. If global and local conditions align — for example, favourable reform news or easing global risk sentiment — the EGX may gain momentum. Otherwise, expect a consolidation phase with occasional bursts of interest in thematic sectors.
