Financial Analyst to “Al-Mawq3”: We expect EGX-30 to exceed 30,000 points in 2024

Translated by Ingy Ashraf,

According to Mohamed Abdel-Hady, financial analyst and director of Watheeqa Securities, the main stock market index is predicted to hit 30,000 points in 2024, in accordance with the government’s increased steps in the government issuance program.

According to Abdel-Hady, the stock market has achieved huge positive results since the beginning of the current year 2023 until now, and the main index has risen by a percentage that is close to 70% due to exchange rate liberalization, which caused the re-evaluation of stock prices, as well as the size of the government’s exit from companies under the state ownership policy.

Stock market’s positive momentum seen carrying over into 2024, with further gains anticipated. EGX 70 for small and medium-sized firms predicted to outshine the main index with a record-breaking surge.

During the week that concluded, the Egyptian Stock Exchange’s main index, the EGX 30, decreased by 1.69% to settle at 24,305.09 points. While the EGX 70 equal weights small and medium-sized stock index increased 0.45% to close at 5389.40 points, the EGX 100 equal weights index fell 0.05% to close at 7764.52 points. The EGX 30 weighted index declined 1.30% to settle at 29,377.40 points, while the Tameez index fell 3.65% to close at 6296.91 points.

The Egyptian Stock Exchange’s market capitalization fell by 7.6 billion pounds throughout the week’s sessions to close at 1.666 trillion pounds, a 0.5% reduction, and the main index’s market capitalization declined from 1.127 trillion pounds to 1.117 trillion pounds, a 0.9% decrease, while the small and medium-sized stock index’s market capitalization grew from 343.3 billion pounds to 344.2 billion pounds, a 0.3% increase.

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