Egyptian Exchange hits two-month low amid foreign institutional buying

The Egyptian Exchange (EGX) has experienced a period of market correction, with the benchmark EGX30 index hitting its lowest close in over two months. During recent sessions, the EGX30 fell by approximately 1.06% to 52,468.71 points, while broader indices like the EGX70 and EGX100 also saw significant declines.

Despite the downward trend in prices, there has been a notable shift in investor positioning. Foreign institutions have emerged as significant buyers, recording net equity purchases of EGP 446.2 million. This stands in contrast to Egyptian and Arab investors, who have acted as net sellers. This increased foreign interest provided a counter-signal to the sell-off, as the benchmark index recovered nearly 900 points from its intraday lows during recent trading sessions.