Egypt's bourse gains momentum as market cap rises by 1.6 percent in week

Muhammed Khalid , Thursday 24 Aug 2023

The Egyptian Exchange (EGX) has achieved momentum during the week that ended on 24 August. Market cap increased by over 1.6 percent, while trading value declined compared to last week's figures.

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

 

The EGX 30 index closed at 18,207.82 points, recording an increase of 1.33 percent over the week.

EGX70 EWI index posted a 2.02 percent gain, concluding the period at 3,702.17 points.

The EGX100 index rose by 1.68 percent in a week, reaching 5,443.64 points.

"The Egyptian Exchange's (EGX) indices achieved positive performance over the week that ended on 24 August. The main index approached a historic level at 18,400 points, before being weighed down by profit collection," financial market analyst Mahmoud Atta told Ahram Online.

Less trading value
 

This week, the trading value recorded EGP 12.1 billion generated through 387,000 transactions on 3.434 billion securities, down from EGP 13.4 billion generated through 397,000 transactions traded on 3.984 billion securities last week.

Total market capitalization reached EGP 1,239.5 billion at the end of the week, an increase of 1.63 pecent over the period.

Egyptians dominate trading
 

Egyptian investments accounted for 87.2 percent of the value traded in listed stocks during the week that ended on 24 August.

Foreigners accounted for 6.5 percent of the value, while Arabs accounted for 6.3 percent.

Foreign investors were observed as net sellers, with a total net value of EGP 242.9 million,

Arab investors were net buyers, with a net value of EGP 200.8 million when excluding deals related to listed stocks.

Since the start of the year, Egyptians have continued to dominate the value traded in listed stocks after excluding deals, representing 85.0 percent.

Foreign investors accounted for 7.2 percent of the value, while Arab investors captured 7.8 percent.

Positive expectations
 

"Next week, the EGX30 could benefit from disclosing positive financial statements by companies and break above the 18,400-point threshold," Atta expected.

"EGX70 was active this week and it may near 3,800 points, which will be a new record level," the analyst said.

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