The Clap
With the decision to float the EGP and the $9 billion aid package Egypt received, the EGX rose sharply.
What
According to Bloomberg, the EGX30 increased significantly during this period, up more than 47% from its lowest level in July 2022.
The Bloomberg report added that Egyptian stocks are currently trading at lower valuations than they were during the past 10 years.
So What
The loan that Egypt secured from the IMF restored investors confidence to pump their money into the EGX.
Now What
It is expected that investments from the Gulf will stimulate the market, reflected in the establishment of a Saudi Sovereign Fund subsidiary that invests in the Egyptian economy.
