The Egyptian Stock Exchange (EGX) concluded the trading week on a mixed note, with varied performances across its indices and a significant transaction highlighting market activities on Thursday. The benchmark EGX30 dipped slightly by 0.07% to 30,610.44 points, while the Shariah-compliant EGX33 index rose by 0.56% to 3,293.67 points. Meanwhile, the EGX70 index for small and medium enterprises fell by 0.05% to 8,635.92 points, and the broader EGX100 index saw a modest increase of 0.05% to 11,910.97 points.
The market capitalization reached an impressive 2.27 trillion Egyptian pounds, reflecting the continued investment interest. Egyptian and non-Arab foreign investors were net buyers, contributing 541.68 million and 349.20 million Egyptian pounds respectively, while Arab investors sold shares worth 890.88 million Egyptian pounds.
In terms of stock performance, Ismailia Development and Real Estate Co. shares surged by 20.00%, closing at 20.40 Egyptian pounds per share. Prime Holding also experienced a significant rise of 19.94%, trading at 0.848 Egyptian pounds, and South Cairo & Giza Mills & Bakeries jumped 7.54%, reaching 97.46 Egyptian pounds per share.
Conversely, Cairo Educational Services shares declined by 6.43%, closing at 29.96 Egyptian pounds. Egyptian Gulf Marseilia for Real Estate Investment saw a drop of 5.80%, finishing at 3.25 Egyptian pounds per share, while El Orouba Securities Brokerage decreased by 4.35% to 1.10 Egyptian pounds.
A highlight of the week was a substantial transaction involving state-owned eFinance for Financial and Digital Investments, valued at 297.4 million Egyptian pounds. This transaction, part of an employee incentive program, involved 15.98 million shares, marking a significant move in the Egyptian market.
eFinance has reported robust financial growth, with net profits increasing from 1.3 billion Egyptian pounds in 2023 to 1.8 billion in 2024, and revenues rising from 3.9 billion to 5.2 billion Egyptian pounds. Notably, Saudi Arabia’s Public Investment Fund increased its stake in eFinance by 2% to 27% in 2023, underscoring the strategic interest in Egypt’s financial sector.
Egypt is intensifying its efforts to list 10 state and military-owned enterprises under its Initial Public Offering (IPO) program within 2025. This initiative aligns with Egypt’s commitments under the Extended Fund Facility (EFF) $8 billion loan agreement with the International Monetary Fund (IMF), aiming to enhance market liquidity and attract foreign investment.
The Egyptian Stock Exchange’s varied outcomes reflect broader economic dynamics and underline the importance of strategic investments and reforms as Egypt continues to position itself as a formidable economic player in the Middle East.
