🇪🇬EgyptNorth Africa
Egyptian stocks rally, EGX30 reaches two-month high
via Egypt Today1 min read
Egyptian stocks experienced a broad-based rise on Sunday, with the benchmark EGX30 index closing at its highest level in two months. The EGX30 advanced by 1.82 percent to 52,372.64 points, marking its strongest close since February 18. This rally was primarily driven by gains in Talaat Moustafa Group, whose stock surged by approximately 7.9 percent following the announcement of its new "The Spine" project in Madinaty, an initiative with investments exceeding LE 1.4 trillion and paid-in capital of LE 69 billion. Commercial International Bank CIB also contributed to the benchmark's support with a 1.4 percent rise in its shares. The broader EGX100 and EGX70 indices also saw gains, increasing by 0.42 percent and 0.31 percent, respectively. Trading activity showed Arab and Egyptian investors as net buyers, while foreign investors were net sellers. Market capitalization closed higher at approximately LE 3.571 trillion.
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Al-Azhar, Egypt’s top Sunni institute, has strongly condemned actions by the Israeli occupying entity at the Ibrahimi Mosque in Hebron. These violations include illuminating the historic site with the "Star of David," raising occupation flags on its walls, and placing a curtain with Talmudic and political slogans over the shrine of the Prophet Jacob. Al-Azhar stated that these actions aim to impose a policy of Judaizing Islamic holy sites and erase their defining features. The institution described this as a blatant transgression, a new episode in systematic Israeli colonial violations targeting Islamic holy sites, and a provocation to Muslims worldwide. Al-Azhar reiterated its rejection of these practices, emphasizing their religious and legal invalidity, and affirmed that such actions will not change the Ibrahimi Mosque's status as an Islamic endowment and a testament to the Arab identity of the land.
Must ReadEgypt and Pakistan have expressed their hope for a second round of negotiations between Iran and the United States to strengthen the ceasefire, de-escalate tensions, and end the conflict. This sentiment was conveyed during a phone call on Sunday between Egyptian Foreign Minister Badr Abdelatty and Pakistan’s Deputy Prime Minister and Foreign Minister Mohammad Ishaq Dar. Both officials emphasized that negotiation and dialogue are the only viable path to resolving the ongoing crisis. The call is part of continuous consultations between the two countries to monitor regional developments and coordinate joint efforts. The ministers also discussed initiatives to advance diplomatic efforts between Washington and Tehran. Egypt, Pakistan, and Turkey have been instrumental in mediating between the United States and Iran, contributing to the acceptance of a ceasefire last week. According to The Hindu, a potential agreement began to form after intense political negotiations. Initially, U.S. envoy Steve Witkoff rejected Iran’s proposal. Egypt, Pakistan, and Turkey intervened, introducing revisions to bridge differences, leading to the acceptance of a revised two-week ceasefire proposal by both parties before the U.S. administration's deadline.
Egyptian Prime Minister Dr. Mostafa Madbouly announced presidential directives to prioritize the seawater desalination sector and expand projects with international companies. His remarks came during an inspection of the El Arish seawater desalination plant and other development projects in North Sinai Governorate. Madbouly, accompanied by several ministers and officials, stated that North Sinai is a promising investment destination. The government aims to transform the region into a major hub for urban, industrial, commercial, agricultural, and tourism activities, providing incentives for investment and supporting residents. The Prime Minister's visit, coinciding with Sinai Liberation Day, focused on monitoring key development and service projects, including healthcare, drinking water, industrial initiatives, and infrastructure upgrades like El-Arish Airport and seaport. These efforts are part of a comprehensive strategic plan for integrated development in North Sinai, launched by President Abdel Fattah El-Sisi. Egypt is also implementing a logistics zone in El-Arish and developing El-Arish Port into a regional transportation and logistics hub. The government is advancing the second phase of Sinai's integrated development plan, covering agriculture, industry, mining, urban development, and infrastructure, reflecting a commitment to human development and improving the quality of life in the region.
The Egyptian Exchange EGX announced on Sunday that it has received applications to list shares of two companies affiliated with the Ministry of Public Business Sector: the National Investment and Development Company NIRCO and the Egyptian Contracting Company “El Abd.” The EGX's listing department is currently reviewing NIRCO’s application for the small and medium enterprises market. NIRCO's issued capital is approximately LE 45 million, divided into 9 million shares with a nominal value of LE 5 per share. The EGX also confirmed receiving a listing request from El Abd to join the main market. El Abd’s issued capital amounts to around LE 369.43 million, distributed over 73.89 million shares at a nominal value of LE 5 per share. Both applications will be published for five working days in accordance with Article 20 of the listing and delisting rules. These applications are part of a broader pipeline of state-affiliated offerings, following earlier requests from Nasr Housing and Development and Spring Manufacturing and Transport Equipment Company. The Egyptian Cabinet also plans to begin procedures for the temporary listing of 10 petroleum sector companies. Last week, the EGX approved the temporary listing of six state-owned firms, including Misr Mining, Alexandria Refractories, and Nasr Glass and Crystal. NIRCO, established in 1978, is largely owned by the public business sector, holding a 74.17 percent stake, with total public ownership reaching about 99.17 percent. El Abd, fou