Egyptian Bourse Registers Biggest Annual Gain Since 2016

Most stock markets in the Middle East closed on a positive note on Sunday, December 31st, with the Egyptian index leading the way with its strongest annual gain since 2016. Investors in the region have been hedging against high inflation and a weakening domestic currency, driving the market's upward trajectory.

Egypt's blue-chip index, the EGX30, recorded a 0.8% increase, extending its gains for the year to 70.5%. Commercial International Bank, the top lender, saw a 75% surge in value, while the tobacco monopoly Eastern Company witnessed a 98.5% growth compared to the beginning of 2023.

The rise in Egypt's stock market can be attributed to the country's persistently high inflation, which reached a record 38% in September.