Driven by a wave of regional investor enthusiasm, the Egyptian Exchange (EGX) enjoyed a robust comeback, closing with significant gains this Thursday. The influx of regional buying power added a substantial LE 14.9 billion to the market’s capitalization.
Leading the charge, the benchmark EGX 40 index rose by 0.93%, making a return to the 30,000 mark, and ending the session at 30,011.84 points. Similarly, the EGX 70 index saw an uptick of 0.81%, closing at 8,609.99 points, while EGX 100 climbed by 0.68% to 11,731.98 points. The Shairah index also experienced growth, increasing by 0.74% to reach 3,166.02 points.
Thursday’s trading was marked by the exchange of 2.1 billion shares, translating to a turnover of LE 3.105 billion. The market capitalization at the close was LE 2.2215 trillion, showcasing a marked improvement from the previous day’s LE 2.2066 trillion.
The trading day revealed Egyptian and Arab investors as net buyers, contributing LE 45.45 million and LE 74 million, respectively, to the market. Conversely, foreign investors were net sellers, withdrawing LE 113.4 million.
Cairo Oils & Soap emerged as the session’s star performer with an impressive 18.18% rise. Gadwa for Industrial Development and South Valley Cement also posted significant gains of 6.89% and 6.88%, respectively. Other notable gainers included Eastern Company, up by 6.6%, Sidpec, which rose by 3.6%, and Telecom Egypt, increasing by 2.4%.
On the downside, Middle & West Delta Flour Mills faced the steepest decline, dropping by 5.47%. Rowad Tourism (Al Rowad) and Golden Textiles & Clothes Wool followed with losses of 5% and 4.25%, respectively. Rameda Pharmaceuticals, Qatar National Bank, and Beltone Holding also experienced declines, falling by 2.2%, 2.06%, and 1.98%, respectively.
The positive surge in the Egyptian Exchange reflects a growing confidence among regional investors, bolstered by strategic market positions and an optimistic economic outlook. As local and regional cooperation continues to flourish, the EGX is poised to capitalize on this momentum, potentially capturing further gains in the coming sessions.
