Egypt’s bourse fluctuating over the week as investors collect profits

Muhammed Khalid , Thursday 14 Dec 2023

The Egyptian Exchange (EGX) indices suffered fluctuations throughout the week that ended on 14 December, as profit-taking increased on leading stocks.

Stock market trading screen. Stock image.
Stock market trading screen. Stock image.


The main index, EGX30, ended the week 0.15 percent higher than last week. Similarly, the EGX70 increased by 1.49 percent to reach 5,365 points, and EGX100 rose by 1.13 percent to close the week at 7,768 points.

The fluctuations in the market resulted from profit-taking by investors who focused on leading stocks, especially in the petrochemicals sector, financial market analyst Mahmoud Atta told Ahram Online.

Over the week, the market cap inched by 0.61 percent to EGP 1,673 billion. In contrast, the trading value dropped to EGP 193.1 billion this week from EGP 242.2 billion last week.

Atta explained that profit-taking is a usual activity in the stock market at the end of the year when institutions seek to sell more and close their positions.

Furthermore, the analyst expected the variation in performance to continue next week and the EGX30 to move back and forth between 24,200 points and 25,000 points until the end of the beginning of January.

Atta also predicted that EGX70 will continue its positive performance next week and approach the 5,500-point level.

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