Economic expert and financial market analyst Mahmoud Atta has revealed the reasons behind the Egyptian stock market’s significant gains in 2023. He stated, “The Egyptian stock market reached a historic level of 26,000 points, which is an approximate increase of 780%.”
During a television interview, Atta attributed the remarkable performance of the Egyptian Exchange’s main index to the liberalization of the exchange rate, which played a major role, and to several acquisition deals that created a balance within the Egyptian market, thus contributing to its positive upward trend.
The expert further highlighted that key sectors leading the surge included petrochemicals, due to Egypt’s substantial global share in fertilizer production, the banking sector with the Commercial International Bank at the forefront, telecommunications led by Telecom Egypt, and the real estate sector.
Atta credited these factors for supporting the historic rise of the stock market in 2023 and expressed optimism that the positive performance would continue into 2024.
He also noted that the smaller and medium-sized stocks index experienced a rise at the beginning of the year, buoyed by increased investor confidence.
This bullish trend in the Egyptian stock market showcases the country’s robust economic dynamics and investor optimism, positioning Egypt as a leading performer in the Arab region’s financial markets.
