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Egyptian Stock Exchange Earns 315 Billion Pounds in First 8 Months of 2023, with Rising Indices and Local Institutions’ Buying: Cairo 24 Reports

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Egyptian Stock Exchange Reports Significant Growth in 2023

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Introduction

Egyptian media recently announced that the Egyptian stock exchange has experienced considerable growth in the first eight months of 2023, with earnings reaching 315 billion pounds.

Rise in Egyptian Stock Exchange Indices

According to Cairo 24, the Egyptian stock exchange indices have continued to rise throughout the year, fueled by significant buying from local institutions. The market capital of the Egyptian stock exchange has increased by approximately 315 billion pounds, jumping from 961.222 billion pounds on December 29, 2023, to 1.276.185 trillion pounds by the end of August 31, 2023.

EGX30 Main Market Index

The EGX30 main market index, as reported by Cairo 24, has seen a 29.29% increase since the beginning of the year, reaching a closing value of 18,874 points. During the last trading session, the index recorded a 0.3% rise.

Changing Dynamics on the Egyptian Stock Exchange

Notably, foreign investors witnessed a change in leadership on the Egyptian Stock Exchange, with Ahmed El Sheikh assuming the presidency for a year, succeeding Rami El Dokani. As a result, foreign investors experienced a net sale of £303 million for the first time in August. Their net sales for the year amounted to 8.5 billion pounds, reflecting a positive trend that influenced their decisions.

Transactions Breakdown

Transactions involving Egyptian individuals accounted for 87.5% of the total listed shares, while foreigners and Arabs accounted for 6.3% and 5.8%, respectively, excluding transactions.

Source: Cairo 24

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