Profit-taking leads EGX's indices to achieve mixed performance in week

Muhammed Khalid , Thursday 2 Nov 2023

After breaking records last week, the Egyptian Exchange (EGX) indices ended the week with mixed performance.

EGX trading hall. Ahram Gate.
EGX trading hall. Ahram Gate.


Over the week, the main index dropped 2.68 percent, closing at 22,639.59 points.

On the other hand, the EGX70 increased by 1.69 percent to settle at 4,412.82 points. The EGX100 inched higher by 0.04 percent, ending the week at 6,581.32 points.

"The decline in the main index can be attributed to profit taking and corrections especially in the petrochemicals stocks," financial market analyst Mahmoud Atta told Ahram Online.

From 29 October to 2 November, the market’s total trading reached a value of EGP 172.6 billion, slightly lower from EGP 176.3 billion last week.

Meanwhile, market capitalization, a measure of the total value of listed companies, declined by 3.37 percent over the week, closing at EGP 1,535.6 billion on Thursday. 

As for the next week, Atta expects the EGX30 and EGX70 to approach 24,000 points and 4,500 points, respectively, supported by a Central Bank of Egypt (CBE) decision on Thursday to keep interest rates unchanged.

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