IPO news boosts Egyptian Exchange in week; Market cap gains over EGP 14 bln

Muhammed Khalid , Thursday 7 Sep 2023

The Egyptian Exchange (EGX) indices reached unprecedented heights over the week ending on 7 September, supported by the recent announcement of the privatization of state assets.

Egyptian Exchange HQ in Cairo.
Egyptian Exchange HQ in Cairo.


"The outstanding performance of the Egyptian Exchange indices can be ascribed to progress on the government IPO program, including selling a 30 percent stake in Eastern Company, which boosted investor optimism," market analyst Mahmoud Atta told Ahram Online.

EGX 30 index jumped 2.66 percent over the week to end at 19,375.68 points. The EGX70 EWI index posted a 0.15 percent loss, concluding the period at 3,823.63 points. The EGX100 rose by 0.28 percent, closing at 5,613.6 points.

Over the week, the total market capitalization grew 1.87 percent to reach EGP 1,300 billion.

However, the total value traded was recorded at EGP 14.1 billion this week, down from EGP 24.2 billion last week.

"The EGX30 is expected to reach 20,000 points next week, and EGX70 could approach 3,900 points," Atta expected. 

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