Thursday, October 31, 2024

EGX Ends Week on High Note, Eyes on Gains

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In a positive end to the trading week, Egypt’s stock exchange (EGX) delivered gains across its key indices on Thursday. The EGX30, a benchmark for blue-chip stocks, ticked up by 0.46% to settle at 30,552.82 points, signaling confidence among investors.

The EGX33, which tracks Shariah-compliant stocks, also saw a healthy increase of 0.4%, closing at 3,200.18 points. Meanwhile, the EGX70, which focuses on small and medium-sized enterprises, rose by 0.42% to reach 7,865.06 points. The broader EGX100 index mirrored this positive trend, climbing 0.38% to end at 11,067.58 points.

The market’s total capitalization was recorded at an impressive 2.2 trillion Egyptian pounds. Egyptian investors were net buyers, contributing a total of 7.15 billion Egyptian pounds, while Arab and non-Arab foreign investors were net sellers, offloading 4.82 billion and 2.33 billion Egyptian pounds worth of shares, respectively.

Top Performers:

1. El-Nile Co. Pharmaceuticals and Chemical Industries led the pack with shares skyrocketing by 19.80%, closing at 52.330 Egyptian pounds per share.

2. Memphis Pharmaceuticals enjoyed a robust increase of 18.31%, trading at 59.000 Egyptian pounds per share.

3. Cairo Poultry also experienced a significant rise, with shares jumping 11.22% to a purchasing price of 13.180 Egyptian pounds each.

Lagging Stocks:

1. Egyptian International Pharmaceuticals (EIPICO) saw a downturn, with shares plunging 6.35% to close at 49.000 Egyptian pounds per share.

2. The Rights Issue of Aspire Capital Holding for Financial Invest decreased by 5.97%, settling at 0.063 Egyptian pounds per share.

3. Osool ESB Securities Brokerage shares fell 5.87%, closing at 0.690 Egyptian pounds per share.

As the week concludes, investors and stock brokers will closely monitor these movements, looking to capitalize on emerging opportunities while mitigating risks. The EGX’s performance underscores the dynamic nature of Egypt’s financial markets and offers a promising outlook for the upcoming trading sessions.

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