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Market cap of Egyptian bourse rises 79% in 2023

The benchmark EGX30 index closed at 24,894.26 points in 2023, up from 14,598.53 in 2022 Shutterstock
The benchmark EGX30 index closed at 24,894.26 points in 2023, up from 14,598.53 in 2022

The market capitalisation of the Egyptian stock exchange surged 79 percent in 2023, hitting EGP1.72 trillion ($55.47 billion) from EGP961.2 billion in 2022.

The benchmark EGX30 index closed at 24,894.26 points in 2023, compared to 14,598.53 points in 2022, Egypt Today newspaper reported. This was a rise of 71 percent.

Investor concerns over rising inflation and currency devaluation drove the stock market increases, according to the newspaper.

The Egyptian government plans to attract $191 billion yearly within three years to improve liquidity in the local market and address the foreign exchange shortage.

London-based consultancy Capital Economics suggested last month that the dollar exchange rate could fall to EGP35-40. Others are predicting a steeper drop. 

A devaluation is crucial to bringing more foreign currency into the system, but any spike in the exchange rate makes Egypt’s debt obligations a more daunting prospect. External debt has risen from $40 billion in 2015 to around $165 billion today.

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