EGX trading hall. Ahram Gate.
The main index, EGX 30, lost 1.69 percent over the week, ending at 24,305 points. The EGX100 inched lower by 0.05 percent to reach 7,764 points.
On the other hand, the SMEs index, EGX70, rose 0.45 percent.
“The decline in EGX’s indices this week is ascribed to the anticipation of the interest rates decisions by the Central Bank of Egypt, as investors fear any hike could adversely impact the bourse,” financial analyst Mahmoud Atta told Ahram Online.
The market cap lost EGP 7 billion in five sessions during the week, ending at EGP 1,666 billion.
Total trading value dropped by EGP 26.3 billion, to EGP 166.8 billion, over the week from EGP 193.1 billion last week.
Atta expected the CBE to maintain the interest rates at current levels.
The CBE's Monetary Policy Committee (MPC) will convene on Thursday in its final meeting for 2023 to decide whether to raise or maintain current key interest rates. Since March 2022, the CBE has hiked key interest rates by 11 percent (1100 bps).
Atta predicted that the market will be subjected to fluctuations next week, the last week in the year, "before returning to a rising trajectory in the first quarter of 2024.”
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