Egypt's EGX30 Rallies as Broader Stocks Fall, Debt Selling Persists

Egypt’s EGX30 index climbed 765.94 points, bouncing after gains of 1.94% on Tuesday and 0.40% on Monday. The gauge traded in a 52,420.62–52,910.41 range and closed near its session high, but the broader market weakened: EGX70 slid 0.96% to 17,732.58 and EGX100 fell 0.55% to 23,881.72. Despite EGX30’s momentum, only 222 shares changed hands, with turnover down 9.5% to EGP8.26bn, about 27% below its 90-day average. Talaat Moustafa Group rose 6.03% on four projects worth EGP11tn. Elsewhere, Banque du Caire’s IPO drew 149.2% subscription coverage, yet foreign investors continued selling sovereign debt.