Egypt’s EGX30 hits record high as Misr Hotels leads gains

CAIRO – Egypt’s stock market witnessed a day of historic gains with the benchmark EGX30 index reaching nearly 24,900 points, marking a significant milestone. This surge reflects a 2.12% increase from the previous session, underscoring the bullish sentiment prevailing in the market.

The broader indices also shared in the upward trend, with the EGX70 and EGX100 climbing to approximately 4,910 and over 7,200 points respectively. The overall market capitalization experienced robust growth, now standing at an impressive 1.6 trillion Egyptian pounds after adding 32 billion pounds since Thursday.

Driving the rally was Misr Hotels, which saw its shares skyrocket by 20%, closing at 230 Egyptian pounds and 44 piasters. This marked the third consecutive session of gains for the company. Other stocks that saw notable increases included Delta Sugar, up by 15%, and Pyramisa Hotels, which grew by 13%.

On the trading floor, activity was brisk with over 1.5 billion shares exchanged, generating a turnover close to 3.8 billion pounds. Egyptian investors were at the forefront of buying activities, pouring in over 125 million pounds. Foreign entities also contributed to the buying momentum with nearly 10 million pounds in investments. However, Arab investors took a step back, selling assets worth over 135 million pounds.

Despite the overall market uptrend, some companies experienced declines. Grand Investment Capital faced a steep sell-off with its stock price falling by 7.78% to seven Egyptian pounds and seventy-one piasters. El-Nile Co and Egyptian Iron & Steel also recorded losses during this trading day.

In other financial news, gold prices in Egypt showed considerable strength with premium twenty-four carat gold reaching 3,109 Egyptian pounds per gram. The national gold pound coin’s value also saw a notable increase by 160 Egyptian pounds.

Currency rates remained stable with the exchange rate between the Egyptian pound and US dollar holding steady at buy/sell rates of 30.8306/30.9586 Egyptian pounds. The Euro traded at buy/sell rates of 33.6269/33.7789 Egyptian pounds while the Saudi riyal was quoted at buy/sell rates of 8.2206/8.2552 Egyptian pounds for transactions.

This remarkable performance of Egypt’s stock market is indicative of investor confidence and suggests a positive outlook for the country’s financial future.

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