Bourse Trading Shows Positive Gains on Wednesday amid Egyptian Selling

The Egyptian Exchange (EGX) jumped into the green, recording a market cap. Of LE 2.074 trillion, amid Egyptian selling after the CBE reported inflation rising for the first time in months. On Tuesday10/9/2024, the central bank revealed that Egypt's annual core inflation rate accelerated by 0.7 percent in August to 25.1 percent, with the monthly urban headline inflation jumping 2.1 percent. Benchmark index EGX 30 jumped by 1.27 percent to close Wednesday trading with 30,485.63 points, with the Sharia index up by 0.93 percent to hit 2,940.39 points. EGX 70 climbed 0.44 percent to reach 7,102.96 points, followed by EGX 100 increasing by 0.81 percent to end the session at 10,158.05 points. On Wednesday 11/9/2024 trading saw 802.69 million shares exchanged with a turnover of LE 3.568 billion. Trading on securities saw Egyptian traders as net sellers with LE 73.90 million. Foreign and Arab traders were net buyers with LE 40.73 million and LE 33.21 million, respectively. The top gains of the session were by Ge neral Company For Land Reclamation, Development and Reconstruction which surged by 19.99 percent, El Arabia for Land Reclamation by 19.14 percent, and Egyptian Gulf Bank by 18.62 percent. The largest losses were by National Housing for Professional Syndicates which dropped by 7.2 percent and North Cairo Mills by 5.08 percent. Source: State Information Service Egypt