The Egyptian Exchange (EGX) indices reached new historic levels during the week that ended on 16 November, as the financial reports season showed leading companies in the market achieving high profits.
Over the week, the main index edged higher by 0.29 percent, closing at 24,383.27 points. The SMEs index EGX70 increased by 4.44 percent to settle at 4,865.72 points. The EGX100 grew 3.63 percent, ending the week at 7,159.64 points.
"The Egyptian Exchange had a positive week due to several factors, notably exceptional business results over the past nine months. Leading companies, like Commercial International Bank (CIB), saw an impressive 84 percent growth in profits, while Telecom Egypt approached a 30 percent profit surge,” financial market analyst Mahmoud Atta told Ahram Online.
Atta foresees the EGX's upward trajectory continuing, targeting the EGX30 to surpass the 24,500 resistance level and head towards 25,000 next week.
Commenting on the EGX70, he anticipated stability around the 4,800 level, driven by solid performances from financially robust companies. He also predicted the EGX70 to approach 4,900 points in the upcoming sessions.
From 12 to 16 November, the market’s total trading reached a value of EGP 203.6 billion, slightly lower from EGP 214.9 billion last week.
Meanwhile, market capitalization, a measure of the total value of listed companies, inched higher by 0.98 percent over the week, closing at EGP 1,648.6 billion on Thursday.
