Egypt’s stock exchange (EGX) ended the week on a high note, as the main index EGX30 rose by 1.13% to close at 29,997.11 points, marking another positive milestone for investors. This upward trend reflects growing confidence in the Egyptian market amid various economic challenges.
The Shariah-compliant EGX33 index climbed by 0.53% to 3,120.12 points, while the SMEs-focused EGX70 index appreciated by 0.87% to 8,402.97 points. Similarly, the broad-based EGX100 index rallied by 0.87% to end at 11,504.52 points. The total market capitalization reached a robust 2.2 trillion Egyptian pounds, showcasing the market’s resilience.
Egyptian investors were net buyers, making substantial purchases amounting to approximately 20.4 billion Egyptian pounds. In contrast, Arab investors and non-Arab foreigners were net sellers, offloading shares worth 1.5 billion and 18.9 billion Egyptian pounds, respectively. This mixed investor sentiment indicates a complex interplay of confidence and caution among market participants.
Among the top gainers, Gogreen for Agricultural Investment (GGRN.CA) led the charge with a substantial 19.38% surge, closing at 1.540 Egyptian pounds per share. AJWA for Food Industries Egypt (AJWA.CA) followed suit, rising by 11.15% to 116.100 Egyptian pounds per share. Tanmiya for Real Estate Investment (TANM.CA) also posted gains, increasing by 6.73% to 3.330 Egyptian pounds per share.
Conversely, Egyptians For Investment and Urban Development (EIUD.CA) saw a significant decline, dropping by 7.60% to 0.304 Egyptian pounds per share. Cairo Oils and Soap (COSG.CA) and Egyptian Modern Education Systems (MOED.CA) also faced setbacks, falling by 4.13% and 3.41%, respectively.
Dr. Hani Genena, an economic analyst, explained, “The upward trajectory of EGX30 and other indices is a positive sign of investor confidence, buoyed by Egypt’s ongoing economic reforms and initiatives to attract foreign investment.” This growth comes despite global economic pressures, suggesting the market’s adaptability and potential for recovery.
In exclusive comments to Middle East Observer, a senior official from the Egyptian Exchange highlighted upcoming regulatory changes designed to further enhance market transparency and attract more investment, both locally and internationally.
