The EGX dethrones the ADX as the region’s best-performing stock market: The EGX was the best-performing stock market in the Middle East in 2022 thanks to a bull run in 4Q sparked by the IMF agreement that erased losses, Reuters reports. The benchmark EGX 30 index ended 2022 up 22%, beating out the Abu Dhabi Securities Exchange, which gained 20.3% during the year.

The EGX was the eighth best-performing exchange in the world, coming below the likes of the Venezuelan bourse, which surged 225% during the year, and Turkey’s Borsa Istanbul 100, which rose 197% to record highs.

That was quite the turnaround: The announcement of an agreement with the IMF sparked a major reversal in fortunes for Egypt’s benchmark index, which by the middle of the year had been deep in bear territory and trading at its lowest level since November 2016. Since its July low, the EGX 30 has soared 69% to reach highs not seen since January 2019.

Other markets weren’t so lucky: The Saudi Tadawul ended the year 7.1% in the red at an almost 20-month low. This was the exchange’s first annual loss since 2017.

It was a turbulent 2022: Stock markets struggled with inflationary pressures, rising interest rates, and wary investors thanks to the ongoing war in Ukraine, Wael Makarem, senior market strategist financial services provider Exness, told the newswire.

Brace for an equally turbulent 2023: “The fear of an economic slowdown has gripped markets throughout the year and could extend to 2023 as a recession remains possible,” Makarem said.

Read more: We dive into all things EGX in 2022 in our capital markets year in review.