The EGX30, Egypt’s main stock index, witnessed a significant decrease of approximately 7% by 10:13 CLT and has now rebounded at -4.06% as of 10:50 CLT.
Today, we are delivering our market alerts at a different pace, exercising caution due to trader rush and fluctuations. This comes in response to the first session after the superMega Deal signed by the government with the UAE for Ras el Hekma. Over the weekend, we observed how the USD in the parallel market and gold prices were affected by optimism surrounding foreign exchange and a substantial USD deal coming to Egypt. Global investment banks are showing bullish sentiment toward the USD/EGP exchange rate and USD inflow to Egypt
Petrochemical stocks have been hit the hardest, with ABUK down by -20%, MFPC down by -10%, and SKPC down by -16% as of 10:22 CLT. but by 10:43 CLT we se e also petrochemical stocks slowing the red pace as ABUK is now at EGP 76.30 -15.97%
Meanwhile, the real estate sector shows a mixed performance, with TMGH, a key player included in the Mega Deal, experiencing a notable increase of +14%. EMFD is up by +7%, while OCDI shows a modest gain of +1.2%. 10:22 CLT
After 30 minutes of trading, which witnessed several trading halts lasting 10 minutes each, prices have begun to stabilize. Some major blue-chip stocks are showing signs of rebalancing after the initial rush of the session.
Stay tuned for further updates as the trading day unfolds. 📈📉.
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