August stock market trading ends on a positive note

Cairo – August 29, 2024: The Egyptian Exchange (EGX) ended August trading on a positive note on Thursday, with market capitalization recorded at LE 2.103 trillion.

Benchmark index EGX 30 saw a slight bump into the green by 0.21 percent to close the session at 30,774.19 points. The Shariah-compliant index was up by 0.14 percent at 2,916.61 points.

EGX 70 slipped into the positive by just 0.05 percent to reach 7,076.3 points, followed by EGX 100 with an increase of 0.14 percent to end the session at 10,148.81 points.

The Egyptian stock market had a somewhat volatile month, primarily triggered by a massive global selloff dubbed “Black Monday” after the US’s Fed released data including increased unemployment numbers.

On the 5th of August, along with many markets across the world, the EGX saw significant losses, marking a decline of LE 56 billion and the EGX30 index dropping by 2.33 percent to 28,506.6 points.

A week later, it recorded market cap losses of LE 16 billion on the 13th and LE 6 billion on the 26th.

However, the market was able to recover with market cap gains of LE 13.5 billion on the 14th and LE 13.2 billion on the 27th.

Thursday’s trading saw 1.120 billion shares exchanged with a turnover of LE 6.563 billion.

Trading on securities reported Egyptian and Arab investors as net sellers with LE 279.93 million and LE 288.99 million, respectively. Foreign traders were net buyers with LE 568.92 million.

The top gains of the session were by Alexandria Flour Mills which climbed by 19.98 percent, South Cairo & Giza Mills & Bakeries by 14.37 percent, and Arab Developers Holding by 12.47 percent.

The largest losses of the session were by Sinai Cement which dropped by 7.03 percent, Copper For Commercial Investment & Real Estate Development by 4.19 percent, and Remco for Touristic Villages Construction by 3.81 percent.