Traders expect improved EGX performance on back of interest rate cuts

Traders expect improved EGX performance on back of interest rate cuts

Traders at the Egyptian Exchange (EGX) anticipate improved EGX performance on the back of the recent Central Bank of Egypt (CBE) decision to cut interest rates.Accordingly, they expect Sunday's trading session to witness the results of the CBE decision, which will affect the attractiveness of other investment tools for fixed-income instruments. Market traders had anticipated that the EGX would receive new incentives following the recent long absence of positive stimuli from the stock market. It has continued its sideways trend between the 10,800-11,200 point levels.The blue-chip EGX 30 index declined by 1.26% during last week's trading to close at 10,911 points. The downturn was reported despite numerous attempts to stabilise above this level, having also failed to breach 11,200 points resistance level. The broader EGX 100 index rose by 2.15% to 2,885