High-performing stocks help Egypt’s EGX continue its upward run this week

High-performing stocks help Egypt’s EGX continue its upward run this week

Egypt - The Egyptian Exchange (EGX) has not been affected by the issuance of high-interest savings certificates by banks, following the 2% increase in basic interest rates last Thursday to curb inflation.

The EGX continued on Monday to rise for the second consecutive session, driven by the good performance of the leading stocks.

EGX30 increased by 2.17% to 17,056 points, led by the largest stock of the Commercial International Bank that closed at EGP 53.

Mohamed Fareeg, head of the technical analysis department at Tropicana Brokerage, highlighted the upward trend in the EGX, despite the issuance of high-yield bank certificates, explaining that the yield was not comparable to the current inflation rate.

It is likely that EGX30 will test the level of 17,750 points, supported by the high trading values witnessed by the stock exchange during the current period, explaining that if the exchange rate is liberalized again, the index will achieve new historical values higher than the historical peak of 2018, the level of 18,550.

He explained that the chemicals sector is the winning horse in the current period, and that the majority of the sector’s shares rose strongly, indicating that the CIB’s share exceeded its resistance level, which will be the signal for