Egypt’s stocks jump 4.9%, best day in almost 2 years after rate hike

Egypt’s stock exchange (EGX) soared on Monday, after Egypt’s central bank raised its key interest rates by 100 basis points in an exceptional monetary policy committee meeting this morning.

Benchmark EGX 30 index jumped by 4.90 percent to 11,511 points, posting its biggest percentage gain in nearly two years.

EGX 70 EWI index of the leading smaller and mid cap enterprises (SME) advanced by 2.83 percent to 1,979 points, while the fixed-weighted index, EGX 30 Capped climbed by 4.28 percent to 13,980 points. In addition, the equal weights index, EGX 50 soared by 4.36 percent to 1,993 points.

The all-embracing index, EGX 100 gained 3.53 percent to 2,996 points.

“The Egyptian stock market rose significantly after the central bank raised interest rates in a bid to fight inflation as the war in Ukraine pushes commodity prices higher still,” Reuters quoted Daniel Takieddine, CEO MENA BDSwiss, as saying.

Market Cap   

The country’s market capitalisation has posted gains worth 31.434 billion Egyptian pounds ($1.7 billion), ending the trading at 739.766 billion pounds triggered by local investors’ buying appetite.

Trading Aggregates            

Trading value has approximately reached around 2.243 billion pounds, while the trading volume has almost recorded around 696.185 million securities executed 68,689 transactions.