Egyptian stock exchange outperforms regional peers in February
EGX outperforms regional peers in February: Egyptian stocks rose 4.8% in February, more than any of its MENA peers, Zawya reported. The EGX performance was boosted by an interest rate cut by the CBE and cheap valuations, according to Yogesh Khairajani, an investment research analyst at Century Financial. “With a US-China [transaction] in sight and a strong recovery in the EGP (Egyptian pound), the Egyptian market is expected to continue to accelerate,” Iyad Hweij, managing director of Allied Investment Partners, told Zawya.
“Government planned IPOs are also expected to be announced during the year, which is expected to attract investments.” The institutional offering of Eastern Company, which piloted the program earlier week, was 1.8x oversubscribed at EGP 17/share. The company’s shares were oversubscribed 4.27x on Tuesday, the last day of the secondary offering, according to an EGX statement (pdf).