Egypt stock market and currency show resilience amid sector gains

The Egyptian stock market saw a collective rise in its indices at the start of the week, driven by increased activity in small and medium-sized stocks and strong performance in the pharmaceutical and healthcare sectors. The EGX30 index rose by 1.12% to close at 55,350 points, while the EGX70 jumped 3.87% to 21,621 points.

In the foreign exchange market, the US dollar remained relatively stable against the Egyptian pound, fluctuating near the 50.80 EGP mark across various banks. At the Central Bank of Egypt, the dollar was recorded at a purchase price of approximately 50.81 EGP and a selling price of 50.95 EGP.

Morgan Stanley reported that the Egyptian pound showed resilience, gaining 6.7% against the dollar since the start of the year, supported by record remittances from Egyptians working abroad and improved banking sector liquidity. The bank projected that the dollar could move between 46 and 48 EGP in a scenario involving reduced global tensions and lower oil prices.