Egyptian stocks attract more investors amidst rumors of devaluation

Over the week, the main index surged 7.61 percent, closing at 23,262.27 points, while the EGX70 jumped 10.72 percent to settle at 4,339.30 points. The EGX100 achieved a leap of 10.64 percent, ending the week at 6,578.50 points.

Multiple factors drive the recent surge in the Egyptian stock market, including the impending EGP devaluation benefiting listed companies, Egypt's safe haven status attracting foreign investors, and growing recognition of Egyptian stocks as inflation-hedging tools, all while remaining undervalued," financial market analyst Hanin El-Mahdy told Ahram Online.

"Additionally, Egyptian citizens have become more aware of the potential to preserve and grow their wealth by investing in the EGX. Lastly, the Egyptian stock market promises higher returns than other asset classes. As an analyst, these dynamics underscore the market's resilience and potential for growth," El-Mahdy explained.

From 22 to 26 October, the market’s total trading reached a value of EGP 176.3 billion, down from EGP 235.6 billion last week.