The Egyptian Stock Exchange (EGX) closed last Thursday with a mixed performance, reflecting its dynamic and evolving nature. The EGX30, a pivotal index, edged up by 0.06% to settle at 29,997.69 points, hinting at a cautiously optimistic market sentiment. In contrast, other indices such as the Shariah-compliant EGX33 and the broader EGX70 and EGX100 showed slight declines, with the EGX33 dropping by 0.23% to 3,182.08 points. The total market capitalization stood at a robust 2.24 trillion Egyptian pounds, underscoring the exchange’s significant economic footprint.
The day saw a notable divergence among investors: while Arabs and non-Arab foreigners were net buyers, acquiring shares worth over 7 billion Egyptian pounds combined, Egyptian investors opted to sell, registering a net sell-off of approximately the same value.
Among the top gainers, Cairo Pharmaceuticals surged by 14.24%, closing at 109.67 Egyptian pounds per share. Speed Medical and the International Company for Fertilizers & Chemicals also showed impressive gains, climbing 12.37% and 8.89% respectively.
Conversely, South Cairo & Giza Mills & Bakeries experienced a sharp decline of 6.05%, followed closely by Rowad Tourism and Rakta Paper Manufacturing, which fell by around 5% each.
Reflecting on 2024’s Growth
The mixed performance comes in the wake of a booming 2024 for the EGX. The main index, EGX30, rebounded with a 19.47% increase, contributing to an overall return of 48.77% for the year. Market capitalization soared by approximately 450 billion Egyptian pounds, ending the year at 2.17 trillion Egyptian pounds. Trading values across all securities reached an unprecedented 14.3 trillion Egyptian pounds, with dividend distributions hitting 68.8 billion Egyptian pounds.
Strategic Initiatives and Innovations:
2024 was marked by strategic enhancements and innovations. The EGX introduced 11 new company listings alongside a significant market restructuring. Efforts focused on unifying listing standards and modifying trading mechanics to enhance liquidity.
The exchange also launched the EGX33 Sharia Index, catering to Shariah-compliant investors, and a voluntary carbon trading market, promoting sustainable finance. Notably, the first Special Purpose Acquisition Company (SPAC) was listed, showcasing the exchange’s adaptability to global financial trends.
IPO Surge and SME Developments:
Several companies capitalized on the favorable market conditions through successful IPOs, including a historic government IPO program that featured the United Bank — the first bank IPO in two decades. Additionally, numerous small and medium-sized enterprises transitioned from the EGX for SMEs (NILEX) to the main market, highlighting the exchange’s role in supporting SME growth.
Broadening Investor Base:
Investor participation flourished, with 228,500 new individual investors and 2,000 institutional investors entering the market. February 25, 2024, saw a record-breaking trading volume with over 50,000 traders in a single session. The EGX further bolstered investor relations by training 290 investor relations officers, aiming to enhance market transparency and investor engagement.
As 2025 unfolds, the EGX continues to position itself as a dynamic and innovative hub within the global financial landscape, balancing growth through a selection of promising announcements in 2025 with sustainability.
