Egypt’s stock market closed the week on a mixed note Thursday 15th of May, with foreign investors making a bullish statement — even as local traders cashed out after recent rallies.
The benchmark EGX30 index climbed 0.36% to finish at 31,941.15, buoyed by heavyweights in pharmaceuticals and oil services. The EGX33, which tracks Shariah-compliant equities, edged up 0.09% to close at 3,280.55. Meanwhile, the EGX70 for small and mid-cap stocks declined by 0.14%, and the broader EGX100 inched down 0.03%, closing at 12,775.73.
Foreign investors were net buyers, acquiring a net total of EGP 4.97 billion, while Arab investors added another EGP 448.6 million in net purchases. However, Egyptian investors were net sellers, with sell-offs totaling EGP 5.42 billion — a pattern analysts say reflects short-term profit-taking and hedging ahead of global economic data releases.
“This divergence shows foreign confidence in Egypt’s macro story, especially amid strong FX reserve figures and high-yield opportunities in emerging markets,” said Dr. Salma El-Masry, senior equity strategist at Cairo-based Arabia Research Partners.
Among the day’s top performers was Minapharm Pharmaceuticals, which skyrocketed 17.77% to EGP 211.51 per share, amid growing speculation over licensing deals with a European biotech firm, according to industry sources familiar with the matter.
Also in the spotlight was Maridive and Oil Services, which surged 8.08% to EGP 0.321 — potentially driven by oil price volatility and regional energy exploration updates.
Another gainer, Atlas for Investment and Food Industries, rallied 6.98%, signaling investor appetite in agriculture and food security-related plays — a sector gaining policy attention in Egypt.
On the flip side, El Arabia for Land Reclamation dropped nearly 7%, closing at EGP 92.34, possibly due to investor caution following regulatory uncertainty in land titling and irrigation infrastructure.
Ceramics maker Lecico Egypt declined 4.75% to EGP 23.86, and Middle Egypt Flour Mills slipped 4.56% to EGP 55.29, reflecting pressures on local manufacturers amid inflationary costs and subsidy reform discussions.
The total market capitalization reached EGP 2.26 trillion, underscoring the growing scale of Egypt’s equity market. Despite the modest volatility, the EGX remains one of the most active frontier markets globally this year.
“The interest from foreign institutions this week is no accident. With a weaker pound and high interest rates, Egypt is becoming an attractive value play,” said Philip Rousseau, regional fund manager at Caspian Capital Management, based in Dubai.
However, Rousseau cautioned against short-term euphoria. “Inflation controls, and energy pricing reforms will be crucial to sustain this momentum.”
Looking ahead, traders are closely watching upcoming monetary policy announcements by the Central Bank of Egypt and potential IPOs — particularly state-owned firms — which could inject fresh liquidity and improve investor sentiment.
Sources inside Minapharm hint at a potential strategic licensing deal with a German biopharma giant, set to be unveiled by Q3 2025. If confirmed, this could further bolster Egypt’s ambition to become a regional pharma manufacturing hub.
Market watchers say the EGX is likely to remain volatile but upward-leaning if Egypt continues its trajectory on economic reform, foreign reserve buildup, and infrastructure-led growth.
