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EGX30 Reaches New Heights: Navigating a Bullish Market

By Samir Al Khoury,

The Egyptian main index, EGX30, rose to 30,174 points yesterday, marking its highest level since March 18, 2024, before closing at 30,141 points. The index has also increased by about 25% since hitting its lowest point on May 1, 2024, when it recorded 24,192 points up until yesterday’s close. Based on this performance, the EGX30 index can be considered to be in a bull market.

Despite the significant volatility experienced by the Egyptian Stock Exchange since the beginning of the year, and although the EGX30 reached an all-time high of 34,501 points on March 11, 2024, before undergoing a notable decline, the index is still up by approximately 21% since the start of the year.

The Central Bank of Egypt kept interest rates unchanged at 27.25% during its meeting last month, aligning with analysts’ expectations. Egypt’s consumer price index decreased on an annual basis in July, recording 25.70%, which is below the expected 26.60% and the previous reading of 27.50%. However, the index remains significantly above the Central Bank of Egypt’s target inflation rate of 2%. Despite this, the real interest rate has turned positive, with the gap between the nominal interest rate and the inflation rate now approximately 1.50%. This may prompt the Central Bank of Egypt to either maintain interest rates at their current level for an extended period or begin reducing them in the near future.

Egypt’s foreign exchange reserves increased in July, reaching approximately $46.49 billion, which is higher than the previous figure of $46.38 billion.

Technical indicators suggest that the EGX30 index may continue to be supported in the coming period for several reasons:

  • Firstly, the alignment of the 20, 50, and 200-day moving averages, all trending upwards, with the 20-day average above the 50-day average, and the 50-day average above the 200-day average.

  • Secondly, the Relative Strength Index (RSI) stands at 65 points, indicating positive momentum for the EGX30 index.

  • Thirdly, the MACD indicator (blue) is crossing above the Signal Line (orange) in the positive zone, providing further positive momentum for the EGX30 index.

Please note that this analysis is provided for informational purposes only and should not be considered as investment advice.

Taurex is the trading name of Zenfinex Global Limited, Stochastic Africa SL Ltd, Zenfinex Global LLC, and Zenfinex Limited.

Zenfinex Global Limited is registered in the Republic of Seychelles with registration number: 8428731-1 and is regulated by the Financial Services Authority of Seychelles (license number SD092). Its registered office address is F20, 1st Floor, Eden Plaza, Eden Island, Seychelles.

Stochastic Africa (SL) Limited is a company registered in Sierra Leone with Company Number: SL270319STOCH05271 and is licensed by the Bank of Sierra Leone under license number BSL/SAL/2023 and with the registered office at 148D Wilkinson Road, Freetown, Sierra Leone.

Zenfinex Global LLC is a company registered with the Financial Services Authority in Saint Vincent and the Grenadines under registered number 138 LLC 2019. Its registered office is Hinds Building, Kingstown, Saint Vincent, and the Grenadines.

Zenfinex Limited is a company registered in England and Wales under registered number: 11077380. Authorised and regulated by the Financial Conduct Authority under firm reference number 816055. Its registered office is 4th Floor, 4 Eastcheap, London, EC3M 1AE, United Kingdom.

*All trading involves risk.

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