Egyptian stocks indices climb in week despite sell-off from earnings wins

Muhammed Khalid , Thursday 17 Aug 2023

The Egyptian Exchange (EGX) indices closed higher over the week that ended on 17 August despite the pressures of profit-taking that eroded some of their gains.

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

The main index, EGX30, rose by 1.46 percent throughout the week, reaching 17,969.27 points, while the market cap grew by 1.41 percent, hitting a total of EGP 1.219 billion.

"The Egyptian Exchange indices witnessed positive performance this week, especially the main EGX30 index, which approached the historic level of 18,200 points," financial market analyst Mahmoud Atta told Ahram Online.

"However, the index declined on Thursday due to many factors, including profit-taking on some leading stocks," Atta noted.

Over the week, the EGX70 index jumped 1.37 percent to end at 3,579.69 points, while the EGX100 increased by 1.26 percent to close at 5,287.1 points.

Atta expected the positive performance of EGX70 to continue as it targets the level of 3700 points over the next week.

Egyptians dominate trading

Total trading value amounted to around EGP 13.4 billion in the week that ended on 17 August, down from EGP 13.8 billion last week.

Trading volume dropped to 3.9 billion shares over the week, down from 4.2 billion last week.

Egyptians accounted for 88.4 percent of all tradings, while Arabs and foreigners constituted 6.1 percent and 5.5 percent, respectively.

Leading sectors & stocks

The non-banking financial sector was the most active in the market, accounting for 29.3 percent of total trading with a value of EGP 3.4 billion.

Banks came second, constituting 15.5 percent of trade with a value of EGP 1.8 billion. They were followed by real estate and basic materials, ranking third and fourth and representing 14.8 percent and 12.3 percent of the total market.

Beltone Finance Holding stock topped the market in trading value, reaching EGP 2.4 billion, followed by the Commercial International Bank (CIB) and Heliopolis Company for Housing & Development, whose stocks traded at EGP 1.6 billion and EGP 609 million respectively.   

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