Egyptian exchange returns to gains in August

The Egyptian Exchange (EGX) rose in August on the back of a positive sentiment supported by the outlook upgrade by Moody’s to Egypt’s credit rating.

The benchmark index EGX30 ended a three-month declining streak, and rose by 2.75 percent in August, as it closed on Thursday at the level of 16.009.41 points, up 4.8 percent for the week.

Market capital went up by 8.1 billion pounds to a total 881.7 billion pounds in July.

Meanwhile, the small and medium sized enterprise index EGX70 levelled up 0.38 percent, as it ended the month at 747.38 points, and was up 1.27 percent for the week.

The broader EGX100 gained 0.32 percent in August, and closed at 1,936.41 points, posting weekly gains of 2.12 percent.

The equal-weighted index EGX50 added 0.75 percent at the end of the month, supported by weekly gains of 3.6 percent.

It is worth noting that the previous week has only one trading session on Sunday due to the Eid holiday.