Setting aside the rating that Moody's has upheld Egypt's Caa1 rating, positioned seven notches below investment grade, according to a statement released on Thursday, the Egyptian stock market, represented by the EGX30 index, remains on a rally mode.
*Data as of: 21/01/2024 session between 12:00-12:35 CLT
EGX Rally: Mid-session trading on the Egyptian Exchange (EGX) reports a substantial turnover of EGP 3 billion. The EGX30 index has reached a new all-time high of 27,424 points and is closing in on the 28,000-point milestone. Year-to-date, the EGX30 has demonstrated a remarkable performance, with a gain of +10.16%. Almost 50% of the index's constituent stocks are outperforming the index itself, led by BINV, PHDC, EAST, GBCO, and TMGH. The majority of listed stocks on the EGX are trading in the green zone, with approximately 70%-80% of stocks approaching their 52-week highs.
Eastern Company (EAST) has achieved a new historical high, reaching EGP 36.50 per share, reflecting an impressive year-to-date gain of +28.5%. Sidi Kerir Petrochemicals (SKPC) also performed strongly, with a share price of EGP 35.34 (+20.90%). Talaat Mostafa Group Holding (TMGH) set a new all-time high during the first half of the session, reaching EGP 30.44 per share.
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