Egyptian Exchange's main index rises 3.6 percent in week; trading value doubled

Muhammed Khalid , Thursday 31 Aug 2023

The Egyptian Exchange (EGX) has achieved a remarkable performance during the week that ended on 31 August boosted by gains made by leading companies, which was reflected on a doubled trading value.

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

 

 

The EGX 30 index increased 3.66 percent during the course of the week, setting a new high of 18,874 points. The EGX100 gained by 1.84 percent to 3,185 points, while the EGX70 index increased by 3.44 percent to 3,829 points.

"The Egyptian bourse indices broke record levels this week on the back of leading stocks, including the Commercial Bank International (CIB). The market will continue its positive performance over the coming period, attracting new investments from individuals and institutions," Trading Manager at Universal Brokerage Mohamed Atta told Ahram Online.

CIB reached a value of EGP 56.89 when it ended on Thursday with a 1.97 percent gain.

The highest transaction in the week in terms of value was executed on 154.8 million shares of TAQA Arabia for a value of EGP 1.2 billion.

Trading value
 

The trading value increased by 100% to EGP 24.2 billion from EGP 4.2 billion last week, thanks to 445,000 transactions on 4.2 billion securities.

At the end of the week, the total market capitalization increased by 2.96 percent to EGP 1,276 billion.

Egyptians dominate trading
 

In the week that concluded on 31 August, investments from Egypt accounted for 87.9% of the value traded in listed stocks.

 Arabs made up 5.8 percent of the value, while foreigners made up 6.3 percent.

 Net selling by foreign investors was noted, with a total net value of EGP 8.5 billion.

 Arab investors had net purchases worth EGP 2.28 billion.

Monthly performance
 

 The EGX 30 index increased by 7.26 percent in August, while the EGX70 index increased by 8.46 percent and the EGX100 index increased by 7.28 percent.

In August, the total market capitalization increased by 7.19 percent. From EGP 40.7 billion in July, the total value of transactions for the entire month grew to EGP 72 billion.

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