Egypt's Stock Market Hits Record, Poised for Further Gains on IPO Activity
The EGX 30 benchmark index jumped on Monday to a record high above 34,700 points, driven by strong investor sentiment and optimism over upcoming listings, with analysts eyeing a move toward the 36,000-point level.
Mohamed Gaballah, a capital markets expert and board member at Roaya Online Securities, told "Erm Business" the rally reflects improving economic conditions and could push the index to 'historic levels.'
The surge follows comments last week from Prime Minister Mostafa Madbouly, who said Egypt had overcome recent economic headwinds, citing stronger performance indicators, steady supplies of goods and factory inputs, and measures to ease pressures on households.
The Egyptian Exchange will list shares of "Al Wataniya Printing" on Tuesday, marking the second initial public offering (IPO) of 2025 after real estate firm "Bonyan" debuted last month. Analysts say the IPO pipeline is likely to sustain momentum in the months ahead.
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