The Egyptian Stock Exchange (EGX) wrapped up its first trading session of the week with broad-based gains, propelled by strong buying activity from both domestic and foreign investors.
The market cap saw an impressive rise of EGP 16.9 billion, closing the day at a total of EGP 2.409 trillion.
The benchmark index "EGX30" ended the session up by 0.74%, reaching 34,071 points. This positive movement was a clear indication of investor confidence in the market, reflecting an optimistic outlook despite global economic uncertainties.
In tandem with the main index "EGX70", which tracks the performance of smaller and mid-sized stocks, surged by 1.68%, closing at 10,298.03 points.
The EGX100, which represents a broader spectrum of listed stocks, also gained by 1.5%, settling at 13,937.27 points.
The collective growth in indices today is attributed to favorable market conditions, alongside active participation from institutional investors and foreign traders. As the Egyptian economy continues to recover from various challenges, the positive momentum in the stock market indicates a promising outlook for the coming weeks.
Experts remain optimistic about the stability and growth prospects of the Egyptian market, particularly with the recent fiscal reforms and economic policies aimed at enhancing investor confidence and boosting economic performance.
As we head into the rest of the week, all eyes will be on global economic developments and their potential impact on the local market. However, the solid performance on this first session sets a positive tone for investors looking to capitalize on the opportunities presented by the Egyptian stock exchange.
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