Analysts say that Egypt’s hosting of the “COP 27” conference draws attention to the country and creates an investment momentum that reflects positively on the performance of the Egyptian Stock Exchange, in addition to other incentives such as news of new acquisitions and the return of some stability to the markets after the shock that followed the depreciation of the currency exchange rate.
stock movements
The main index of the Stock Exchange of Egypt, “EGX 30”, ended Thursday’s trading at the level of 12505.71 points, up from 11756.56 points at the end of last week, as it achieved gains in all five sessions of the week.
This is the highest weekly closing of the index since February 27, 2020, when it scored about 13,009 points, and it is also the third time since then that it ended the week’s trading above the level of 12,000 points, as it only exceeded it twice in the first two weeks of the year by recording 12,043 points and 12,012. points in order.
Egypt reduced the currency exchange rate by about 14 percent late last month, coinciding with the country’s agreement to facilitate extended financing for a period of 46 months, worth three billion dollars, with the International Monetary Fund, which welcomed the authorities’ move towards “permanent flexibility in exchange rates,” and the currency later witnessed a further decline. It is currently being traded at 24.5 pounds to the dollar.
Egypt began talks with the fund on a financial support package in March, shortly after the outbreak of the Ukraine crisis, which exacerbated already turbulent financial conditions and prompted foreign investors to withdraw nearly $20 billion from the Egyptian treasury bond market within weeks.
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