Egyptian stocks stabilize in week despite selling pressures

Muhammed Khalid , Thursday 22 Jun 2023

The Egyptian Exchange stabilized over the week ended 22 June despite the profit taking and liquidation pressures on the market.

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


The benchmark index,EGX30, inched lower by 0.94 percent over the week, closing at 17,712.93 points.

"Selling transactions pressured the market, as traders awaits the Central Bank of Egypt's decision on interest rates and seeks to collect profits ahead of the end of the fiscal year," Trading Manager at Arabeya Online Brokerage Mona Mostafa told Ahram Online.

"Individual traders tend to liquidate their shares before the long Eid Al-Adha holiday, while institutions injected liquidity into leading stocks," Mostafa added.

The small and medium enterprises (SMEs) index, EGX70, rose by 1.43 percent to end at 3,516.32 points.

The EGX100 grew by 1.09 percent to 5,219.64 points, while the EGX50 inched higher 0.22 percent to 3,256.31 points.

Market cap gained EGP 2 billion to reach EGP 1.164 trillion at the end of the week, compared to EGP 1.162 trillion in the previous week. Trading value amounted to EGP 1.8 billion.

Furthermore, Mostafa expects the market to stabilize over the rest of June and the first week of July, advising traders to keep leading stocks, cut speculations and focus on rebounding stocks.

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