Egypt’s bourse beats last week’s record despite profit-taking

Muhammed Khalid , Thursday 14 Sep 2023

The Egyptian Exchange (EGX) indices kept most of last week’s gains that ended on 14 September despite profit-taking transactions.

Stock image depicting stock market indices.
Stock image depicting stock market indices.


“The EGX30 and EGX 70 indices have reached historic levels at 19,577 and 3,831 points on Sunday before declining for two sessions due to profit taking and then rebounded at the end of the week supported by the positive news in the market, especially from the real estate sector,” Mohamed Hassan, investment funds director at Odin Investments, told Ahram Online.

EGX 30 index increased by 0.85 percent over the week to end at 19,540.33 points. The EGX70 EWI index posted a 0.4 percent gain, concluding the period at 3,839 points. The EGX100 rose by 0.64 percent, closing at 5,649.37 points.

Over the week, the total market capitalization grew 1.11 percent to reach EGP 1,314.3 billion.

Profit-taking pushed the total value traded higher by EGP 7.5 billion to reach EGP 21.6 billion this week.

“The market is still anticipating another devaluation that could support its indices and push up the EGX30 and EGX70 to new heights at 20,000 and 4,000 points,” Hassan said.

“Despite the positive performance in the market, investors should be careful and depend on their resources to avoid purchasing on margin,” the expert added.

He also advised trader to increase their holdings at times of decline when stock prices are relatively low.

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