CIB leads Egyptian Exchange’s benchmark to new milestones this week

Muhammed Khalid , Friday 24 Nov 2023

The Egyptian Exchange (EGX) indices achieved outstanding results for the second week in a row, and the main index reached a new all-time high above 25,500 points, supported by a surge in the index's heaviest stock, Commercial International Bank (CIB).

EGX trading hall. Asharq Business.
EGX trading hall. Asharq Business.


Over the week, the main index edged higher by 4.66 percent, closing at 25,519.49 points. The SMEs index EGX70 increased by 4.1 percent to settle at 5,065.43 points. The EGX100 grew 3.97 percent, ending the week at 7,444.05 points.

“The surge in EGX30 was propelled by CIB stock, which accounts for 28.8 percent of the weight of the index. The stock soared by 10.14 percent since the week's start to reach a value of EGP 79.53 per share,” financial market expert Hanin El-Mahdi told Ahram Online.

“Egyptians, apprehensive of an imminent EGP devaluation, lean towards investing in foreign-capital companies on EGX. This explains the surge in CIB's stock and the upward trend seen in other EGX-listed companies with foreign capital, such as exporters,” El-Mahdi said.

She noted that the market witnessed a substantial liquidity influx from Arab and foreign investors following positive geopolitical developments, strengthening confidence in Egypt's stability.

“The liquidity inflow further surged following the truce announcement spearheaded by Egypt, Qatar, and the USA. This confidence underscores Egypt's pivotal peacemaking role in the Middle East,” El-Mahdi added.

From 19 to 23 November, the market’s total trading reached a value of EGP 204.8 billion, slightly higher than EGP 203.6 billion last week.

Meanwhile, market capitalization, a measure of the total value of listed companies, inched higher by 3.84 percent over the week, closing at EGP 1,710.8 billion on Thursday. 

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