No big moves in Egyptian stocks ahead of holiday

Muhammed Khalid , Monday 26 Jun 2023

The Egyptian Exchange's indices were mostly stable during the short trading week ahead of the Eid Al-Adha holiday.

EGX trading hall. Ahram Gate.
EGX trading hall. Ahram Gate.


The benchmark index, EGX30, inched down by 0.27 percent to close at 17,665.29 points over the two-day week.

"Big institutional purchases of leading stocks, especially, the Commercial International Bank (CIB), supported the EGX30 in the short week," Trader Manager at Universal Brokerage Mohamed Atta told Ahram Online.

The small and medium enterprises (SMEs) index, EGX70, rose by 0.55 percent to 3,535.71 points.

The EGX100 grew by 0.43 percent to 5,242.31 points, while the EGX50 edged higher by about 0.2 percent to end at 3,262.45 points.

"Trading value was slightly lower than last week, as institutions and individuals were more inclined toward selling ahead of the long holiday," Atta added.

Market cap lost around EGP 2 billion to end the week at EGP 1.162 trillion, while the trading value declined slightly to EGP 1.85 billion.

Atta expected the market to rebound after the end of the Eid Al-Adha holiday on 3 July, as new liquidity will be injected into the market.

He forecast the EGX30 to break above 17,800 points and EGX70 to reach 3,800 points.

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