馃嚜馃嚞EgyptNorth Africa
Egyptian equities rise, EGX30 nears 50,000 points
via Egypt Today1 min read
Egyptian equities closed higher across the board on Tuesday, with the benchmark EGX 30 increasing by 1.83 percent to 49,978.62 points, approaching the 50,000-point mark. This rally was fueled by gains in leading stocks, including Commercial International Bank, which rose 3.55 percent to LE 133.9 per share. Mid- and small-cap stocks also saw solid gains, with the EGX 70 climbing 1.16 percent to 13,144.15 points, and the broader EGX 100 adding 1.14 percent to reach 18,395.73 points. Market capitalization grew to approximately LE 3.47 trillion from LE 3.42 trillion in the previous session, indicating strong buying momentum after the Sham El-Nessim holiday. Turnover surged, with total trading value reaching LE 260.5 billion, up from LE 166.4 billion last Thursday. Local investors were the dominant force, accounting for 85.9 percent of transactions, while foreign and Arab investors represented 10.1 percent and 4 percent, respectively. Foreign investors recorded net sales of LE 57.2 million, while Arab investors were net buyers with LE 95.4 million.
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This summary was AI-generated from a story originally published by Egypt Today.
President Abdel Fattah El-Sisi stated on Tuesday that Gulf security is an integral part of Egyptian national security, expressing Cairo's full solidarity with Manama amidst regional tensions. These remarks were made during his visit to Bahrain, where he met with King Hamad bin Isa Al Khalifa after a visit to Qatar. The Spokesperson for the Egyptian Presidency, Ambassador Mohamed El-Shennawy, reported that Sisi underscored Egypt鈥檚 unwavering support for Bahrain鈥檚 stability and condemned any unjustified attacks against the kingdom as a violation of international law and a dangerous regional escalation. He reiterated Egypt's rejection of attempts to compromise the security of Bahrain, Gulf Cooperation Council nations, or the broader Arab region, affirming Cairo's stance with its partners to protect their sovereignty. Sisi also praised King Hamad's leadership in maintaining regional stability and detailed Egypt's diplomatic efforts to de-escalate tensions peacefully. King Hamad welcomed El-Sisi and appreciated Egypt's continuous support for Gulf security. Both leaders emphasized the need for close coordination and joint action to address shared challenges and restore stability.
President Abdel Fattah El-Sisi visited Lusail Palace in Doha to extend his condolences to the Amir of Qatar, Sheikh Tamim bin Hamad Al Thani, following the passing of the Father Amir, Sheikh Hamad bin Khalifa Al Thani. President El-Sisi expressed Egypt's solidarity with Qatar during this period of mourning and acknowledged the late Father Amir's contributions to Qatar's development. The Spokesman for the Egyptian Presidency, Ambassador Mohamed El-Shennawy, confirmed President El-Sisi's message of support. Sheikh Tamim bin Hamad Al Thani thanked President El-Sisi for his visit and emphasized the strong historical ties between their nations, expressing a desire to enhance bilateral cooperation.
Egypt's Minister of Agriculture Alaa Farouk met with AbdulHakim Elwaer, the FAO's Regional Representative for the Near East and North Africa, to discuss strengthening cooperation, particularly FAO's support for the government's "Productive Village Revival" initiative. This initiative aims to transform Egyptian villages from consumer communities into productive economic hubs, promoting sustainable rural development. Key aspects include enhancing youth and rural women's skills, creating jobs, increasing household incomes, and establishing a unified brand for village products. The plan also focuses on diversifying rural income, improving environmental sustainability through waste recycling, expanding contract farming and mechanization, supporting livestock development, promoting silk and beekeeping industries, and strengthening agricultural cooperatives. Elwaer affirmed FAO's readiness to provide technical expertise and support for the initiative's long-term success.