EGX Leads Weekly Gains in 7 Arab Stock Markets

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Fri 11 Nov 2022 | 6:47 p.m.

Eight Arab exchanges posted gains during the trading week, with Egypt’s EGX leading the way, after major institutions struck deals to increase investment in the country at the COP27 conference, and complete their ascent against a background of prominent equity buying, coinciding with the succession of the trading earnings season, as the Saudi market recorded the only decline with a takeover of its trading by profits.

The gains among Arab exchanges this week were led by the Egyptian Stock Exchange (EGX), which rose more than 4%, to register its 30th main index, the fourth consecutive weekly rise, also achieving its largest weekly rise in around 9 months with the acceleration of positive news on the development of the green economy and the entry of global investors into the sector.

The stock market started its rise almost four weeks ago, especially after the Egyptian government signed a $3 billion financing agreement with the International Monetary Fund, and the Egyptian Central Bank made exceptional decisions, which included raising interest rates by around 200 points, in addition to determining the value of the pound based on the forces of supply and demand.

The gains included most Arab exchanges during the week, where the Kuwait First Market Index recorded the highest weekly close in two months, rising for the second week in a row, with an estimated rate of 2, 7%. The rise came after major companies reported positive results, particularly Zain Kuwait, which reported net profit growth of around 10%. In the third quarter of this year.

“KFH” stock rose about 100 fils with the fixing of the credit rating by Fitch Ratings Agency for it and for Ahli United Bank – Bahrain.

The general index of the Qatar Stock Exchange also registered its second increase, achieving gains of more than 2%, with the support of the banking and telecommunications sectors, in conjunction with the great activity seen by the country’s economy. , particularly in the areas of tourism. and entertainment, as the World Cup approaches.

The Abu Dhabi Stock Exchange ended the week at a record high, posting weekly gains of around 1.4%, and the Dubai Stock Exchange jumped 1.7%, with four stocks entering the indices MSCI Emerging Markets.

The Muscat and Bahrain stock market indices rose 0.6% for the former and 0.2% for the latter, with industrial and banking stocks resuming activity.

Saudi stock exchange “Tadawul” stock fell, with a notable decline, to regain its losses, in view of a semi-collective decline in sectors, against the backdrop of a significant drop in liquidity.

The general market index “TASI” recorded a drop of 1.99% during the week, to lose 227.49 points, bringing it down to the level of 11211.70 points.

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