The Egyptian stock market continued its downward trend on Tuesday, September 29, 2026, with a collective decline in indicators. According to experts, the market is expected to soon end its current corrective movement and enter a recovery phase, aiming to retest main resistance levels and start a new upward wave. This wave is expected to target new record highs, reaching levels of 55,500 points and then 58,000 points in the medium term.
The decline in the Egyptian stock market is attributed to the weakness in small and medium stocks, as indicated by the EGX70 index. Despite this, experts remain optimistic about the market's future performance. The Egyptian government has been taking steps to boost the economy, including plans to sell assets and stakes worth 40 billion Egyptian pounds in the current fiscal year.
The Egyptian government has also been working to expand its cooperation with international financing institutions. The Ministries of Foreign Affairs and Planning have been discussing ways to increase cooperation with these institutions. Additionally, the government has been working to attract more tourists, with the aim of reaching 20 million tourists by the end of 2026.
The Egyptian economy has been facing several challenges, including high inflation and a large public debt. However, the government has been taking steps to address these issues. The President, Abdel Fattah el-Sisi, has expressed his desire to convert Egypt's cooperation with AngloGold Ashanti into a comprehensive strategic partnership in the mining sector.
The government has also been working to ensure the availability of basic goods and services. The Prime Minister has reassured the public that the government is working to maintain the regularity of the bread and subsidized goods systems. This comes as part of the government's efforts to mitigate the impact of economic challenges on citizens.
Several Egyptian companies have been reporting strong results, including Amou, which has successfully produced base oils and is close to launching a project to process sour gas. Orascom Investment's assets frozen in North Korea have also increased to 4.2 billion Egyptian pounds.
The Egyptian stock market is expected to continue its recovery in the coming period, driven by government efforts to boost the economy and attract more investment. Key sectors, including tourism and mining, are expected to play a major role in this recovery. The government's plans to sell assets and stakes are also expected to help reduce the public debt and increase foreign exchange reserves.
Key points
- The Egyptian stock market is expected to enter a recovery phase soon.
- The government has plans to sell assets and stakes worth 40 billion Egyptian pounds.
- The tourism sector is expected to play a major role in Egypt's economic recovery.
