Fertilizers, bank sector leads EGX to historic levels in week

Muhammed Khalid , Friday 10 Nov 2023

Egyptian Exchange (EGX) indices leaped in the week that ended on 9 November with the recovery of fertilizers stocks and positive financials from Commercial International Bank (CIB), the biggest stock in the main index, EGX30.

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


Over the week, EGX30 surged 7.39 percent to close at 24,312.92 points, a new historic high.

Meanwhile, the small and medium companies index, EGX70, rose by 5.58 percent, ending at 4,658.98 points.

The EGX100 grew by 4.98 percent in a week, settling at 6,908.99 points.

"Last week saw a decline in the performance of EGX30, dropping to 22,201.500 points. This decline was primarily attributed to concerns about a natural gas shortage that was expected to impact the fertilizers and petrochemical sector, causing unease among investors regarding the profitability of listed companies,” financial market analyst Hanin El-Mahdy told Ahram Online.

“Fortunately, these negative expectations did not persist. Over the weekend, reassuring news emerged indicating a return to normal natural gas supplies for fertilizers and petrochemical companies, swiftly leading to a recovery in their listed stocks,” El-Mahdy added.

“On a different note, CIB reported significant profits, leading the banking sector to stand out in the market,” the analyst said.

On 5-9 November, trading value surged from EGP 42.3 billion to EGP 214.9 billion compared to last week.

6.8 billion securities were traded this week, up from 5.26 billion a week earlier.

Over the week, market capitalization jumped 6.32 percent to EGP 1.63 trillion.

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