Egyptian Exchange’s main index ends challenging week slightly higher

Muhammed Khalid , Thursday 12 Oct 2023

The Egyptian Exchange (EGX) indices remained at their regular levels at the end of last week despite the negative news that affected the market throughout the week.

EGX trading hall.
EGX trading hall. Ahram Gate.

 

The benchmark index, EGX30, inched up 0.65 percent in a week to end at 20,002 points, and the EGX100 edged 0.1 percent higher to settle at 5,551.88 points.

On the other hand, the small and medium companies index, EGX70, slipped 0.78 percent over the week, ending at 3,706.6 points.

“The war that erupted between Hamas and Israel on Saturday and Moody’s downgrade of Egypt's credit rating had a severe impact on the main index, EGX, which lost nearly 1,418 points to end at 18,400 points on Sunday,” financial market analyst Mahmoud Atta told Ahram Online.

“The market rebounded later in the week, supported by the positive performance of the petrochemicals, banking, and basic commodities sectors, ending the week above 20,000 points,” Atta explained.

Over the week, market capitalization inched lower by 0.05 percent to more than EGP 1.352 billion.

The total trading value reached EGP 188.8 billion at the end of the week, up from EGP 187.7 billion last week.

“The market will continue recovery next week, helping the EGX30 and EGX70 to approach 20,500 points and 3,800 points, respectively,” Atta expected.

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