The EGX 30 Index rose 1.7% in Sunday trading, continuing its bullish run to surpass a 2018 peak. In local-currency terms it has now risen over 91% from an October low, while in dollar terms it’s up 1.8% year-to-date, outperforming the MSCI Emerging Markets Europe, Middle East and Africa Index.
The stock market has been benefiting from its role as a safe haven of sorts for investors in Egypt, a major food importer hit hard by the war in Ukraine. Supply issues linked to the conflict and three devaluations of the Egyptian pound since early 2022 helped push annual inflation to a record 36.5% in July.
Egypt is also awaiting an International Monetary Fund review of a $3 billion loan program agreed last year — a step necessary to unlock the next tranche of the package.
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