EGX market cap jumps 2.8 percent in first week of 2024

Muhammed Khalid , Thursday 4 Jan 2024

The Egyptian Exchange (EGX) market cap surged by 2.8 percent after indices ended the first week of 2024 with considerable gains supported by purchases from Arab institutions.

Stock image depicting stock market indices.
Stock image depicting stock market indices.


The main index EGX30 jumped 2.67 percent to end the week at 25,350 points.

Similarly, the SMEs index EGX70 surged 3.94 percent to close at 5,678 points, and the EGX100 rose by 3.79 percent to settle at 8,152 points.

“All indices of the EGX witnessed positive performance during the first week of 2024 due to Arab purchases and the activity of the real estate stocks,” financial market analyst Mahmoud Atta told Ahram Online.

Arabs accounted for 7.4 percent of the trading value over the week, while foreigners made up 6.1 percent. Egyptians dominated the market, controlling 86.4 percent of the trading value. Real estate stocks accounted for 14.1 percent of the total value of trading, which reached EGP 149.1 billion.

Over the week, market capitalization rose 2.81 percent to reach EGP 1,747 billion, compared to its level last week.

For next week, Atta expects the market to continue its positive performance, with the EGX30 approaching 26,000 points and the EGX70 nearing 6,000 points.

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