For the first time in over six years, the Egyptian exchange’s benchmark index EGX-30 climbed up to 10,055.14 points and increasing by 0.92% since the day before.
Following the 2011 uprising, the Egyptian capital market suffered some fluctuations that reflect the political and economic challenges that met the country.
The EGX-70 index, which comprises small and medium enterprises, hiked up to 596.78 points on Wednesday, compared to 589.67 points the day before.
The broader index EGX-100 reached 1180.96 points, climbing up by 1.55%. The trading days closed with 85 gainers, 53 decliners and 41 unchanged.
The stock market in Egypt has witnessed notable developments during the past year, with 13 new companies being listed in the main index and Nilex index.
The capital for the companies listed amounted to some EGP 1.9bn, which was 10 times more than the capital of the companies listed the year before.
In January, Orascom Hotels and Development (OHD) offered 33m stocks at the value of EGP 506m in both a private and a public placement. Beltone Private Equity will also have a private issuance in the market, ranging between $100m to $120m.
Egyptian Exchange approved the listing of Exchange Traded Funds (ETFs) for the first time, with an initial value of EGP 10m. On the first day of the ETFs trade, the market gained some EGP 6bn.