Egyptian Stock Exchange indices held steady at the close of trading today.
The French President's visit to Egypt succeeded in reducing its losses, which had exceeded 30 billion pounds in morning trading.
The Egyptian Exchange's indices held steady at the close of trading on Monday, supported by the positive results of French President Emmanuel Macron's visit to Egypt, which saw an agreement to enhance joint investments and economic cooperation between the two countries. This increased optimism about Egyptian stocks, amid expectations of a resurgence in the market starting Tuesday.
According to the Middle East News Agency, the French president's visit succeeded in reducing losses on the Egyptian Stock Exchange, which had exceeded EGP 30 billion in morning trading. Trading ended with limited losses of approximately EGP 4 billion, bringing the market capitalization of listed companies' shares to EGP 2.163 trillion.
Total trading volume in the market reached EGP 37.9 billion, including approximately EGP 32 billion in bond and treasury bill transactions. Trading witnessed strong buying by Egyptian individual investors, while Arab and foreign investors tended toward selling.
The main index of the Egyptian Stock Exchange, EGX 30, ended today’s trading with a decline of 0.61%, recording 30,453.94 points, while the EGX 70 index for small and medium-sized companies succeeded in changing its downward trend in the morning to an increase of 0.79%, ending trading at 8,717.11 points. The recovery wave extended to the broader EGX 100 index, which reversed its decline in morning trading to an increase of 0.51%, ending trading at 12,002.08 points.
Stock exchange brokers said that the visit of French President Emmanuel Macron and the announcement of an agreement to enhance investments and joint economic cooperation between the two countries supported the performance of shares on the Egyptian Stock Exchange. They expected the Egyptian Stock Exchange to witness a strong return to the rise starting tomorrow's session, after the sharp decline recorded by shares in yesterday's session, Sunday.
