Rédaction Africa Links 24 with MENA
Published on 2024-02-21 10:43:00
The Egyptian Exchange (EGX) saw an increase in indexes at the close of Monday’s trading session. This was attributed to purchases by local and foreign institutions, investment funds, and Arab and foreign investors. The market capital gained about LE16 billion to register LE 2.077 trillion at closing, with transactions totaling LE 20.1 billion.
The EGX30 benchmark index jumped by 1.12 percent, reaching 29,452.04 points. Similarly, the broader EGX 70 EWI index of the leading small and mid-cap enterprises (SMEs) increased by 1.64 percent, ending at 7,490.41 points. The all-encompassing EGX 100 index also saw a 1.4 percent rise, ending at 10,449.53 points.
This positive performance in the Egyptian Exchange can be attributed to the influx of investments from various sources. Local and foreign institutions, as well as investment funds, played a significant role in driving the market’s gains. Additionally, Arab and foreign investors contributed to the overall increase in market capital.
The gains seen in the EGX indexes indicate confidence and optimism in the Egyptian market. The steady increase in market capital reflects a positive sentiment among investors, both domestic and international. It also suggests a favorable outlook for the Egyptian economy, as reflected in the strong performance of the stock exchange.
The rise in the EGX30 benchmark index, which represents the top 30 companies listed on the Egyptian Exchange, is particularly noteworthy. This index is often used as a barometer for the overall performance of the Egyptian stock market. The increase in this index signals a favorable trend for the Egyptian economy and its leading companies.
Similarly, the gains in the broader EGX 70 EWI index and the all-encompassing EGX 100 index indicate a widespread positive sentiment across various sectors of the Egyptian market. The strong performance of small and mid-cap enterprises, as well as the overall market index, further reinforces the positive outlook for the Egyptian economy and its stock market.
Overall, the gains in the Egyptian Exchange indexes demonstrate the resilience and attractiveness of the Egyptian market to both domestic and international investors. The influx of investments from various sources has contributed to the increase in market capital, signaling a positive outlook for the Egyptian economy. As the Egyptian Exchange continues to attract investments and show positive performance, it is poised to further strengthen its position as a key player in the region’s financial markets.
Read Original article on Egypt Independent
