The Egyptian Exchange (EGX) rebounded on Wednesday, supported by recent measures taken by the Central Bank of Egypt (CBE) and a number of banks.
The measures reiterated commitment to a flexible exchange rate, in addition to theissuance of one-year saving certificates with a high return of 22.5 per cent and 25 per cent. Banks in the meantime, started to provide dollars for import deals amid expectations of an economic breakthrough over the coming period.
Market capitalisation of the EGX listed companies hit a new record, the highest in the bourse history, at LE1.013 trillion, gaining LE22 billion.
During the EGX trading session on April 26, 2018, market capitalisation hit LE1.006 trillion, before the market suffered the repercussion of global events, foremost of which the China-US trade war of 2018. This was followed by the Covid-19 pandemic, and finally the Ukraine crisis.
The EGX 30 benchmark index rose by 3,25 per cent to stand at 15,557.46 points.
On the other hand, the broader EGX 70 EWI of the leading small and medium enterprises (SMEs) dropped by 0.67 per cent to close at 2,911.51 points.
The all-embracing EGX 100 index scored limited gains of 0.31 per cent, and ended trading at 4,339.43 points.
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