Egyptian Stock Exchange Gets a Breather

The Egyptian stock market saw a collective rise at the end of Thursday's trading session, driven by buying activity from both local and foreign investors, following U.S. President Trump's announcement to suspend reciprocal tariffs for 90 days on most countries, excluding China.

The "EGX 30" index rose by 2.43% to close at 30,810 points, while the "EGX 30 weighted index" increased by 2.19% to close at 38,303 points. The "EGX 30 total return" index also saw a rise of 2.47%, closing at 13,673 points.

A board member of "Capital Financial" Holding Company noted that U.S. tariffs have become the main driver of market volatility, emphasizing that the main index of the Egyptian Stock Exchange has managed to absorb the crises caused by global economic fluctuations. He added that the index has maintained its support level at 30,000 points, with support from Egyptian and Arab institutions buying during some sessions this week.

It is expected that the market will continue its upward trend, led by the real estate and banking sectors, especially since companies listed in the real estate sector posted strong results in the past year.

It is worth mentioning that the suspension of tariffs followed intense pressure on the markets since Trump's previous tariff announcement, which positively impacted the performance of the Egyptian stock exchange and its shares.