The market capital of the Egyptian Stock Exchange rose in trading today, Wednesday, to a historical record, the highest in the history of the Egyptian Stock Exchange, which was achieved after a new depreciation of the Egyptian pound.
The market capital of companies listed on the Egyptian Stock Exchange, during today’s trading session corresponding to January 4, 2023, reached an unprecedented historical value of 1.013 trillion pounds.
The highest recorded market capitalization was in April 2018 at £1.008 trillion.
The number of transactions made at the end of today’s session exceeded 115.6 thousand, which is the highest figure in the history of the Egyptian stock exchange.
The aforementioned increase in listed securities yields reflects that investing in the stock market is now the best hedge against current economic problems.
The head of the Al-Awael Company for Financial Consultations, Wael Enaba, said the Egyptian stock exchange saw its biggest 1,000-point swing in its history during today’s session, as the market rebounded 500 points after a 500-point loss.
Enaba added in an interview with Al-Arabiya that the decline in the first trading session of today’s session was after the announcement of investment certificates with high yields, but an hour later it was decided to liberalize the rate, and the dollar rose against the pound to 26.5 pounds.
He explained that the purchasing power of Egyptian shares has returned to the equation of the depreciation of the pound against the dollar, as happened in October last year.
He said the rise was most noticeable in real estate and exporting stocks.
The price of the dollar in Egypt rose to an unprecedented level in the official market today, Wednesday, after the Central Bank raised its price to 26.49 per pound for sale and up to 26.36 pounds for sale.
And at National and Misr Banks, Egypt’s largest state-owned banks, the dollar was worth £26.25 when buying and £26.3 when selling.
Exchange rate flexibility was a key requirement of the International Monetary Fund, which approved a $3 billion 46-month aid package for Egypt in October.
The dollar recorded the highest price on the official market, at the Arab Investment Bank, of £26.51 buy and £26.55 buy, while it recorded £26.3 buy and £26.4 buy, one pound for sale in a commercial international bank. Egypt, the largest private bank.
The dollar recorded its biggest daily move since the central bank allowed it to fall 14.5% on October 27, according to the announced data.