EGX market cap surges above EGP 1 trillion for first time

Egypt’s stock exchange (EGX) closed higher on Wednesday, with its market capitalisation hitting 1 trillion Egyptian pounds ($37.8 billion) following the launch of new high-yielding saving certificates by the country’s two largest state-owned banks.

Earlier in that day, the National Bank of Egypt (NBE) and Banque Misr announced offering one-year certificates of deposits at 25 percent, the highest yield on record.

The country’s benchmark EGX 30 index jumped 3.25 percent to close at 15,557 points.

The small and medium enterprises index EGX 70 also surged 0.67 percent to 2,911 points.

While the EGX100 gained 0.31 percent to 4,339 points.

Market Cap   

The country’s market capitalisation has posted to close at 1.01 trillion pounds buoyed by local and Arab investors’ buying appetite.

Trading Aggregates            

Trading value has approximately reached around 3.5 billion pounds, while the trading volume has almost recorded around 1.5 billion securities executed 115 thousand transactions.