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The Egyptian Exchange achieved record gains in August of nearly EGP 30 billion, led by positive news on the political and economic fronts. The capital market gained EGP 29.3 billion in August, the second largest monthly profit achieved in its history, taking it up to EGP 369.2 billion with an increase of 8.6% compared to the previous month.
Experts told MENA the record gains were attributed to the political stability reigning over the country in the past period, especially after the formation of a new government, revoking the complementary constitutional declaration and the change of military leaderships. On the economic front, Egypt has received direct deposits from Saudi Arabia and Qatar in addition to a visit by an International Monetary Fund (IMF) team for talks on a $4.8 billion loan, the experts said. During the course of this month, the benchmark index EGX 30 rose 9.6 percent to 5,332.25 points, its highest figure since March. The broader EGX 70 index of the leading smaller and mid cap enterprises (SME) surged 13.3 percent to 494.58 points. The overall EGX 100 index followed suit with 10.7 percent taking the index up to 831.1 points.
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