The EGX30, Egypt's main stock market, displayed a remarkable recovery following a highly bearish session. The index plunged below the 19,000-point mark for the first time since September 23, 2023, when it embarked on a sustained rally, achieving record highs. The period between 12:45 and 13:12 CLT on October 8, 2023, witnessed the index hitting a low of 18,455 points, representing a significant drop of approximately 7%. However, the index swiftly rebounded, closing at 19,357 points, a recovery of 900 points or 4.40%. Notably, ESRS, ABUK, and ALCN were among the stocks that concluded the session in positive territory.
Despite the EGX30's overall negative closing, individual stocks demonstrated a substantial turnaround, generating significant profits. Calculating the performance based on the closing prices compared to the lowest points reached during the session, it becomes evident that all index stocks rebounded, contributing to the 900-point gain observed. Notably, GB Cooperation (GBCO) experienced a remarkable surge of 17.39%, while Orascom Development Egypt (ORHD) recorded an impressive increase of 14.32%. The table below represents the performance of EGX30 stocks by the end of today's session on October 8, 2023.
*The following table represents the difference between the lowest price and the closing price of the EGX30 index stocks.
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