The Basic Resources sector, primarily driven by petrochemicals, is fueling the index surge as MFPC, SKPC, EGCH, SMFR, EFIC, and AMOC (under the Energy sector) all trade with gains exceeding 10%. AMOC, in particular, is up 18% at EGP 8.10 per share. The main trigger for today's rally came from MFPC's impressive earnings report and news about El Sewedy Electric's acquisition offer.
Traded volumes for these stocks are significantly higher than their 5-day average.
SWDY represents 5.48% of the index weight, while MFPC contributes 3.03%. The EGX30 index is up by 4%, trading above 27,000 points at the level of 27,186. The table below outlines the changes and gains in the basic resources sectors.
Data as of 1:15 CLT on May 19, 2024
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