EGX 30 index jumps 2.24%, snapping a nine-session losing streak

The EGX 30 index closed the October 1 session at 53,055.03 points, up 2.24%, snapping a nine-consecutive-session losing streak that had put pressure on major blue-chip stocks on the Egyptian Exchange.

The EGX 70 index climbed 3.96% to 19,363.53 points, and the EGX 100 index rose 3.55% to 25,655.63 points, indicating that gains broadened to include most stocks rather than just leading companies, as the broader indices outperformed the main index.

Total market capitalization of the Egyptian Exchange reached EGP 4.185 trillion at the close of the session—a measure of market size and capitalization—with gains spanning various sectors across listed stocks.

This stock market rebound coincided with a slight decline in the value of the Egyptian pound, with the average selling price of the US dollar in banks standing at around EGP 52.47 during the session.

What do these terms mean?

The EGX 30 index measures the performance of the 30 largest companies listed on the Egyptian Exchange in terms of liquidity and market capitalization, whose shares are often the most heavily traded. The EGX 70 and EGX 100 indices measure the performance of smaller companies; their faster pace of gains compared to the main index means that advances were not limited to large-cap stocks but extended to broader market segments. Market capitalization is the total value of listed companies' shares and represents the overall size of the market. Meanwhile, the average selling price of the dollar is the rate banks use when selling US dollars to clients.