Last Wednesday, the benchmark EGX30 index rose by 0.95%, closing at 34,125.12 points. Notably, the Shariah-compliant EGX33 showed a slight edge, gaining 1.02% to finish at 3,516.76 points. The EGX70, which monitors the performance of small and mid-cap stocks, saw a modest increase of 0.21%, closing at 10,284.51 points. Meanwhile, the broader EGX100 index added 0.31%, ending the day at 13,888.34 points.
The total market capitalization swelled to an impressive 2.41 trillion Egyptian pounds, marking a day of substantial gains across the board.
Arab and non-Arab foreign investors emerged as net buyers, with purchases amounting to 24.59 billion and 2.68 billion pounds, respectively. Conversely, Egyptian investors opted to sell, offloading a total of 27.27 billion pounds. This trend suggests a growing confidence among foreign investors in the Egyptian market, driven by its resilience and potential for growth.
Economic analyst Dr. Nourhan El-Sayed noted, “This shift towards foreign investment indicates an optimism about Egypt’s economic stability and its capacity to withstand global economic pressures.”
Top Gainers and Losers
Among the top gainers, Alexandria New Medical Centre soared a staggering 19.98%, closing at 31.470 Egyptian pounds per share. Following closely, Alexandria National Company for Financial Investment jumped 14.92% to 36.200 pounds a share, and Orascom Investment Holding climbed 10.66%, closing at 1.350 pounds.
On the flip side, Certificates of Odin Egyptian Equity Investment Fund-KASAB experienced a drastic drop of 9.84%, closing at 5.500 pounds. Egyptian Arabian (Themar) Company for Securities & Bonds Brokerage saw a decline of 4.36% to 3.730 pounds, while Universal For Paper and Packaging Materials (Unipack) fell 4.12%, ending at 0.930 pounds.
The EGX announced its closure on Thursday, July 24, in observance of the national holiday. As traders and investors pause to celebrate, the underlying sentiment is one of cautious optimism. Financial expert Ahmed Khalil suggests, “The post-holiday sessions will be crucial in determining whether these gains represent a sustainable trend or a temporary rally.”
