Supervisor Elham AbolFateh
Editor in Chief Mohamed Wadie

Egyptian Stock Exchange Achieves Record Highs in 2023

Fri 02 Feb 2024 | 10:19 AM
By Ahmad El-Assasy

Financial analyst Mahmoud Atta has shed light on the significant success of the Egyptian stock market in 2023, highlighting its historic peak at 26,000 points, marking an impressive 780% increase.

In TV statements, interview, Atta pointed to the exchange rate liberalization and strategic acquisition deals as pivotal factors in the Egyptian Exchange's extraordinary growth. These elements have brought equilibrium to the market, fueling a strong upward trajectory.

Atta emphasized the pivotal role of key sectors like petrochemicals, banking, telecommunications, and real estate in driving the market's ascent. He specifically mentioned Egypt's global dominance in fertilizer production, the leading role of the Commercial International Bank, the influence of Telecom Egypt, and the vitality of the real estate sector as major contributors to the market's performance. Atta's analysis suggests continued market strength into 2024, buoyed by the early-year rise of smaller and medium-sized stock indices due to growing investor confidence.

The surge in Egypt's stock market reflects the country's solid economic foundations and the positive outlook of investors, securing its position as a top achiever in the financial markets of the Arab world.