Egyptian stocks retain strong weekly performance; Market cap rises EGP 35 bln

Muhammed Khalid , Thursday 1 Jun 2023

The Egyptian Exchange's (EGX) indices saw very active trading during the week ending 1 June, while the market capitalization gained EGP 35 billion.

File Photo: The Egyptian Exchange (EGX). Al-Ahram
File Photo: The Egyptian Exchange (EGX). Al-Ahram


"Strong trading by Egypt and Arab intuitions and individuals pushed the market higher this week. The real estate, petrochemicals, and the non-banking financial stocks led the benchmark to break above 17,750 points by mid-week," Mohamed Atta, trader manager at Universal Brokerage, told Ahram Online.

Main indices

The benchmark index, EGX30, increased by 2.87 percent in a week, closing at 17,533.31 points.

The small- and medium-sized enterprises index, EGX70, jumped 6.06 percent, standing at 3,289.54 points.

The EGX100 surged by 5.6 percent to hit 4,927.76 points, while the EGX50 soared 4.41 percent to end at 3227.36 points.

Volume boomed in a week

Over the week, market capitalization reached EGP 1.140 trillion, up EGP 35 billion from EGP 1.105 trillion last week.

On Thursday, trading volume skyrocketed by 40 percent to 919.12 million shares, compared to 656.5 million last week. The turnover reached EGP 2.14 billion, generated through 81,031 transactions.

Real estate to lead the market

"The market will keep its positive performance at the beginning of the next week, and there will be some partial corrections mid-week," Atta expected.

"The real estate sector will continue to lead the way in the market, with basic resources and tourism following suit," he added.

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