The Egyptian Stock Exchange (EGX) achieved record gains during the year 2023, which it had not witnessed throughout its history, as its market cap ended the year’s trading on December 31 at the level of EGP 1.719 trillion compared to EGP 961 billion at the end of 2022, an increase of EGP 758 billion or 79%.
The main stock index "EGX30" achieved gains of 70.5% to end the year 2023 at 24,894.26 points.
The small and medium-sized stock index "EGX70" gained 95.34% above its value in 2022 to end 2023 at the level of 5,473.42 points.
The strong gains extended to the broader EGX 100 index, which added 90.09% to its value, recording 7,880.35 points in the last sessions of 2023.
Ahmed Abdel Rahman Al-Sheikh, Chairman of the Egyptian Stock Exchange reviewed Sunday in front of Prime Minister Mostafa Madbouly the performance indicators of the Stock Exchange during the year 2023, where he indicated that the ratio of the stock market ca to the gross domestic product (GDP) jumped to 16.4%, its highest in years.
He pointed out that the total trading values jumped to a historic level of EGP 3.349 trillion in light of the doubling of restricted stock trading values, especially after actual trading in treasury bills began in the secondary market on September 24.
He explained that the Egyptian Stock Exchange witnessed a record number of new investors during the year 2023 at 364,400 investors, as the number of new individual investors witnessed an increase to record 361,000 compared to 175,800 in 2022, while the number of new institutional investors recorded 3,500 compared to 1,500 in 2022.
During the meeting, the Chairman of the Board of Directors of the Stock Exchange explained that the development strategy includes 7 axes divided into about 60 detailed items covering various work axes to develop the stock market during the coming period.
He added that the strategy aims to stimulate the demand side and enhance the investments of Egyptian institutions and individuals, as well as continuing work to attract regional and international investments. The strategy includes a comprehensive development of the work systems in the market, in addition to providing new financial tools that meet the various needs of customers, levels of risk tolerance, and maximizing returns, the most important of which are Sharia index, financial derivatives, carbon certificates, and real estate shares.
The strategy also includes allowing brokerage companies to deal in treasury bills and bonds in the secondary market.
The Chairman of the Board of Directors of the Stock Exchange also added: The Egyptian Stock Exchange believes in the role of youth in Vision 2030, the strategy includes working to enhance the financial culture of young people, encouraging their investments in the stock market, and working to raise their representation among investor categories to match their representation in society.
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