As the curtain falls on 2024, the Egyptian Exchange (EGX) has closed the year with a significant boost, adding nearly EGP 30 billion to its market capitalization. This robust performance during the last trading session underscores a year of strategic growth and investor confidence in Egypt’s capital markets.
The EGX 30 benchmark index, a key indicator of blue-chip companies, rose by 1.42%, reaching a new height of 29,740.57 points. This increase reflects the sustained interest in large-cap stocks, driven by both local and international investors seeking stability and growth opportunities.
The momentum was equally strong among smaller and mid-cap enterprises, with the EGX 70 EWI index climbing 2.14% to close at 8,143 points. This rise highlights the dynamic contributions of SMEs, which continue to be vital players in Egypt’s economic landscape.
Meanwhile, the comprehensive EGX 100 index, which offers a wider view of market performance, increased by 2.04%, closing at 11,217.62 points. This uniform growth across indices suggests a broad-based rally, indicating healthy investor sentiment across different sectors.
Throughout 2024, the Egyptian Exchange has implemented several strategic initiatives aimed at enhancing market efficiency and attracting more investors. According to the Egyptian Financial Regulatory Authority (FRA), regulatory reforms and enhanced market infrastructure have been pivotal in boosting liquidity and investor confidence.
The rise in the EGX indices can also be attributed to improved macroeconomic indicators and government policies aimed at stimulating investment. Egypt’s ongoing economic reforms and partnerships with international financial institutions have played key roles in fostering a favorable investment climate.
Industry analysts highlight that the positive close of 2024 sets an optimistic tone for the coming year. Mohamed Farid, Chairman of the EGX, emphasized that the bourse’s performance is a testament to the resilience of Egypt’s financial markets. “We anticipate continued growth as more companies list on the exchange and as we introduce new financial instruments to meet diverse investor needs,” Farid noted in a recent press conference.
As Egypt moves into 2025, the focus will be on sustaining this growth trajectory. The government’s Vision 2030, which aims to diversify the economy and bolster the financial sector, remains a critical framework guiding these efforts, specially with a growing number of Government companies that will be enlisted shortly with unique potential and market value giving positive expectations for a promising 2025. Additionally, initiatives to enhance digital trading platforms and increase foreign investment will be key drivers of future market performance.
In conclusion, the Egyptian Exchange’s strong finish in 2024 reflects a well-rounded growth strategy and investor confidence in the market’s potential. As the country continues to implement economic reforms and attract investment, the EGX is well-positioned to remain a cornerstone of Egypt’s economic development.
