EGX records positive performance amid surging Investor confidence


(MENAFN) Throughout the trading month of February 2024, the Egyptian Stock Exchange demonstrated a commendable performance, with its key indicators collectively surging. Notably, the market capitalization of listed shares experienced a notable uptick, gaining approximately 31 billion pounds to reach a significant milestone of 1.999 trillion pounds by the end of February, compared to 1.968 trillion pounds recorded at the close of January 2024.

Among the notable index movements, the EGX 30 index closed at 28,964 points, marking a notable increase of about 2.41 percent. Similarly, the EGX 70 index witnessed a substantial surge of 15.49 percent, concluding at 7,306 points, while the S&P index recorded an impressive growth rate of approximately 12.14 percent, closing at 5,877 points.

Delving deeper into the performance metrics, the egx30 capped index showcased a robust increase of approximately 6.8 percent, reaching a closing level of 36,227 points. Additionally, the EGX100 EWI index demonstrated notable growth, ascending by about 13.95 percent to close the period at 10,239 points.

Analysts attribute the positive performance of the Egyptian Stock Exchange to various factors, with a significant emphasis placed on the bolstered investor confidence in the nation's capacity to navigate through current challenges. This newfound optimism stems notably from the recent signing of the Ras El Hekma project, which is perceived as a pivotal step towards overcoming prevailing obstacles.

Experts, in separate statements to the "Eqtisad Sky News Arabia" website, expressed confidence in the Egyptian Stock Exchange's potential to surpass the 30 thousand points threshold in the upcoming trading sessions. They underscored the robust activity observed at the investment level in Egypt, fueled by the signing of new projects, and the subsequent positive impact on the performance of various listed sectors.

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