EGX trading hall. Ahram Gate.
The main index, EGX30, increased by 2.78 percent, concluding the week at 28,434 points.
“Commencing the week on a robust note, the EGX30 index reached historic highs, nearing 30,500 points with daily trade volumes reaching EGP 7 billion. However, by the end of the week, the index experienced a downturn, settling at around 28,000 points,” financial market analyst Mahmoud Atta told Ahram Online.
Atta attributed the fluctuation to the anticipation of the market of the Central Bank of Egypt's (CBE) decision on key interest rates.
The Monetary Policy Committee (MPC) will convene on Thursday amid varying expectations on whether or not the CBE will increase interest rates.
The overall market capitalization surged by 2.02 percent over the week, surpassing EGP 2,011 billion.
Moreover, trading activity was robust, with a trading value of EGP 283.9 billion generated from 1,026,000 transactions involving 7.669 million securities.
Positive outlook
Looking forward, Atta expressed optimism, predicting a resurgence in the EGX during the upcoming week, with EGX30 potentially nearing the 30,000-point mark again.
He also forecasted a rise in the EGX70 index to reach 6,800 points.
The analyst anticipated this positive market trajectory to persist through the first quarter of 2024.
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