In a week marked by bearish sentiment, Egypt’s stock exchange (EGX) concluded trading on a negative note. The benchmark EGX30 index experienced a decline of 1.67%, closing at 31,332.73 points, raising concerns among market participants about potential headwinds in the broader economy.
The EGX33, a key Shariah-compliant index, registered a drop of 0.89%, settling at 3,122.25 points. Meanwhile, the EGX70, representing small to mid-cap enterprises, suffered a significant downturn of 2.24%, ending at 7,445.04 points. The broader EGX100 index also mirrored this trend, declining by 2.04% to close at 10,612.36 points.
The total market capitalization for the week was recorded at 2.17 trillion Egyptian pounds, reflecting the cautious trading behavior prevalent among investors. Notably, Egyptian investors were net sellers, offloading stocks worth 1.18 billion Egyptian pounds. In contrast, both Arab and non-Arab foreign investors took a bullish stance, netting purchases of 165.44 million Egyptian pounds and 1.01 billion Egyptian pounds, respectively, indicating continued foreign interest in the market.
Top Performers:
– Alexandria New Medical Center (AMES.CA) led the gainers with shares soaring by 11.19%, closing at 25.040 Egyptian pounds per share.
– Taaleem Management Services (TALM.CA) followed with an impressive increase of 8.92%, trading at 10.500 Egyptian pounds a share.
– Arab Valves Company (ARVA.CA) also made notable gains, rising by 7.37% to a share price of 2.040 Egyptian pounds.
Underperformers:
– Osool ESB Securities Brokerage (EBSC.CA) saw a steep decline, with shares plummeting by 16.47%, ending at 0.568 Egyptian pounds per share.
– Samad Misr – EGYFERT (SMFR.CA) shares fell significantly by 12.84%, closing at 59.750 Egyptian pounds.
– Sabaa International Company for Pharmaceutical and Chemical (SIPC.CA) also faced a notable drop, decreasing by 12.34% to 1.371 Egyptian pounds per share.
As market sentiment remains mixed, brokers and investors will be closely monitoring economic indicators and corporate earnings reports in the coming weeks. The contrasting actions by domestic and international investors present unique considerations for portfolio strategies moving forward.
