Egyptian Stock Exchange registers record gains in May 2024, main index jumps 10.12 percent

The Egyptian Stock Exchange achieved record gains in May 2024, supported by strong purchases of stocks in many sectors against the backdrop of continued optimism about improving economic conditions, with an increase in foreign exchange flows and a number of credit rating institutions raising the rating of the Egyptian economy, accompanied by announcement of many large amount acquisition deals worth of companies listed on the Egyptian Stock Exchange attesting to the increased luring abilities of the Egyptian economy.

The monthly report of the Egyptian Stock Exchange – a copy of which was received by MENA Friday – showed that the market capitalization of shares of listed companies gained about LE 139 billion during the transactions of May 2024, reaching about LE1.813 trillion, compared to LE 1.674 trillion in the previous month’s transactions, an increase of 8.29 percent.

The main and secondary Egyptian Stock Exchange indices recorded collective increases during the trading of May 2024, as the main stock index (EGX30) rose by 10.12 percent to reach the level of 26922.76 points and the small and medium-sized stock index (EGX70) increased by 6.43 percent to reach the level of 5932.24 points, the report said. The gains included the broader EGX100 index, which increased by about 7.76 percent to reach the level of 8,554.56 points, it added.

The total value of trades during the month’s transactions amounted to LE 747.8 billion and the stock market accounted for 10.54 percent of the total value of trading inside the booth, while bonds and bills accounted for about 89.46 percent during the month and Egyptian investors’ transactions accounted for 75 percent of the total transactions in restricted stocks, while Foreign investors at 14.4 percent and Arab investors at 10.6 percent, after excluding deals, according to the report.

The Egyptian Stock Exchange’s monthly report stated that foreign investors’ transactions recorded net purchases worth LE 671.3 million, while Arabs recorded net sales worth LE 4.138 billion , after excluding deals.

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