Historic summit of the Egyptian Stock Exchange driven by the “rumor of flotation”

During the past week’s trading, the Egyptian Stock Exchange witnessed record levels in its history, whether in the main index, or in the seventieth index, which witnesses a strong influx of liquidity after occasional performance and aggregate operations, over a period of two years.

A source related to the sector revealed the reasons for the historical rises in the Egyptian market, which is headed by the rumor of “floating the pound” again, and pointed out that despite the market’s decline at the end of the week’s sessions; However, there are no violent selling cases that significantly reduce the index’s gains. Rather, there will be profit-taking easing operations, which is normal after the strong gains witnessed by most of the blue-chip stocks.

The source explained that the market could continue below 18,250 points, and this is a very acceptable range of calming operations, especially since the market has been bullish in a consecutive manner for a long time, in light of what is reported about an official approach to liberalizing the exchange of the pound, which prompted investors to move towards The stock market, but we have not yet seen actual steps that enhance the credibility of the trend towards liberalizing the exchange rate of the pound.

Thursday’s session, the last session of the week, witnessed a decline in the main Egyptian Stock Exchange index, after it recorded a new historical peak during last Monday’s trading at the barrier of 18,700 points, after breaching the highest level recorded in April 2018 at the level of 18,414 points.

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