Egypt’s stocks start week higher, benchmark EGX 30 climbs 2.60% despite Russia’s Ukraine invasion
Egypt’s stock exchange (EGX) closed higher on Sunday, with the benchmark EGX 30 index climbing by 2.60 percent to 11,174 points as investors welcomed talk of renewed diplomacy after Russia’s invasion of Ukraine.
Egypt, often the world’s largest wheat importer, is working on a plan to secure wheat imports from other regions rather than Russia and Ukraine. The two countries made up around 50 percent and 30 percent, respectively, of Egypt’s wheat imports in 2021.
EGX 70 EWI index of the leading smaller and mid cap enterprises (SME) jumped by 4.16 percent to 1,848 points, while the fixed-weighted index, EGX 30 Capped surged by 2.48 percent to 13,406 points. In addition, the equal weights index, EGX 50 hiked by 2.94 percent to 1,913 points.
The all-embracing index, EGX 100 advanced by 3.76 percent to 2,823 points.
The country’s market capitalisation has incurred massive losses worth 15.1 billion Egyptian pounds ($970 million), ending the trading at 704.451 billion pounds.
Trading value has approximately reached around 566.608 million pounds, while the trading volume has almost recorded around 323.136 million securities executed 29,573 transactions.