Corrections weigh on Egyptian Exchange in week; market cap shrinks 2%

Ahram Online , Thursday 30 Nov 2023

The Egyptian Exchange (EGX) saw varied performance over the week, but the corrections-driven decline in the main index led the market cap to plunge by nearly 2 percent, recording around EGP 1,677 billion.

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


The market has undergone some corrections this week, especially on the CIB stock, which dropped in value to EGP 76.43 on Thursday after peaking at EGP 84 on Monday, stock market analyst Mahmoud Atta told Ahram Online.

In the five sessions of the week, the main index EGX30 dropped 3.07 percent to end at 24,735 points. Atta expects the index to approach 25,000 points next week.

The SMEs index EGX70 surged 4.14 percent during the week to settle at 5,275 points. The index is on its way to get closer to 5,400 points in the upcoming sessions, the analyst predicts.

Moreover, the EGX100 index grew by 2.71 percent in a week to close at 7,646 points on Thursday.

The trading value of the Egyptian Exchange surged by EGP 71.7 billion compared to last week, recording EGP 276.5 billion.

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