“The positive performance of the market was supported by the increase in the real estate and basic materials stocks, in addition to investors’ optimist regarding the Egyptian government’s talks with the International Monetary Fund (IMF), whose delegation is currently visiting Cairo,” financial market analyst Mahmoud Atta told Ahram Online.
The main index EGX30 jumped 5.19 percent to close the week at 26,842 points, while the EGX70 and EGX100 indices surged by over 6 percent, settling at 6,335 points and 9,001 points, respectively.
Throughout the week, the basic resources sector was the most active in the market, accounting for 23.5 percent of the total trading value, or EGP 6.18 billion, while real estate stocks made up 13.8 percent of trading, generating a total value of EGP 3.62 billion.
Market cap leapt 5.96 percent during the week to reach EGP 1,886 points, while the trading value recorded EGP 288.2 billion through 910,000 transactions on 8.6 billion securities.
Egyptians dominated 90.7 percent of the total volume of transactions, while Arabs and non-Arab foreigners made up 6 percent and 3.3 percent, respectively.
Positive outlook
Looking ahead, Atta expected the EGX30 and EGX70 indices to break above 27,500 points and 6,500 points, respectively, next week.
The analyst noted that the market’s rising trajectory will endure through the first quarter of 2024, especially with the announcement of new mergers.
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