CAIRO, Egypt’s benchmark EGX30 surged 3.49% to 50,104.83 points on Tuesday, October 27, as a broad equity rally restored EGP155bn in market value and the pound recovered modestly from record lows. Yet foreign and Arab investors sold another $619.1mn of Egyptian government securities, while dollar trading between banks reached $750mn, highlighting persistent financial pressure beneath the rebound. With smaller shares leading the gains and domestic individuals driving purchases, the recovery marked a decisive reversal in market breadth but remained unconfirmed by institutional capital flows.
Market Rebound Broadens, but Turnover Weakens
EGX30 gained 1,687.89 points, ending three consecutive declines following Sunday’s market-wide trading suspension.
The benchmark traded between 48,501.94 and 50,104.83 points, closing at its session high as buying strengthened throughout the day.
EGX70 jumped 6.97% to 16,384.72 points, while EGX100 advanced 5.97% to 22,269.27. The smaller-company benchmark’s outperformance marked a sharp reversal from Sunday’s 11.07% collapse.
According to Hapi’s closing report, 207 shares advanced, eight declined and 10 were unchanged, compared with just 84 gainers and 133 decliners on Monday.
Market capitalisation increased to EGP3.886tn from EGP3.731 tn, recovering approximately 46% of the EGP334bn lost over the preceding three sessions.
Equity turnover, however, eased to EGP 8.17bn from approximately EGP8.75bn on Monday. Arab Finance reported a broader trading value of EGP8.32bn.
The improvement in breadth was decisive, but the absence of stronger turnover suggests the rally was driven partly by the reversal of earlier selling rather than a substantial expansion in market liquidity.
EGX30 also remained approximately 5.2% below its October 21 close.
Retail Buying Drives Rally as Institutions Sell
Egyptian investors purchased EGP218.5mn net in equities, while Arab investors bought EGP9.8mn. Foreign investors sold EGP 228.3mn, according to Arab Finance.
The institutional breakdown revealed a more important distinction.
Egyptian individuals purchased EGP225.6mn net, supplemented by EGP19.2mn in Arab individual buying and approximately EGP10mn from foreign individuals.
Institutions collectively sold around EGP 254.8mn net, led by EGP238.3mn in foreign institutional selling.
Egyptian institutions also recorded modest net sales of EGP7.1mn, while Arab institutions sold approximately EGP9.4mn.
The figures show that Tuesday’s recovery was overwhelmingly retail-led. Foreign institutions continued reducing equity exposure despite the sharp improvement in prices.
Government-Debt Outflows Continue Despite Pound Recovery
Pressure persisted in Egypt’s sovereign-debt market even as the pound strengthened.
Foreign and Arab investors sold a combined $619.1mn net in Treasury bills and bonds on Tuesday, according to Egyptian Exchange secondary-market data reported by Hapi as of 5 p.m.
Foreign investors sold approximately $665mn net in Treasury bills, partly offset by $79.5mn in Arab purchases. Foreign investors also sold around $33.6mn net in Treasury bonds.
Combined net selling over Monday and Tuesday reached approximately $1.28bn.
These transactions represent secondary-market sales, not necessarily equivalent immediate transfers of foreign currency abroad.
The dollar nevertheless declined to EGP 56.06 buying and EGP 56.20 selling in the Central Bank’s average customer quotations, compared with EGP 56.21 and EGP 56.35 on Monday.
The pound’s appreciation of approximately 15 piastres interrupted three sessions of record dollar closing levels, but did not reverse the currency’s substantial October depreciation.
Meanwhile, interbank dollar transactions reached approximately $750mn on Tuesday, according to banking sources cited by Economy Plus, compared with a reported normal daily range of $150mn–250mn.
The elevated turnover indicates substantial foreign-exchange activity, although interbank transactions should not be equated with net capital outflows.
The divergence is significant: equities and the pound stabilised while investors continued reducing sovereign-debt exposure.
Central Bank Absorbs EGP705bn Ahead of Rate Decision
The Central Bank of Egypt absorbed EGP 705.12bn in excess banking-system liquidity through its seven-day fixed-rate deposit operation on Tuesday, accepting bids from 13 banks at 19.5%.
The amount was the highest reported since May 2025, according to Economy Plus.
The operation illustrates substantial surplus local-currency liquidity within the banking system despite pressure in the foreign-exchange market. It is a routine monetary-liquidity management operation, not evidence of an equivalent withdrawal of dollars or foreign investment.
The Central Bank’s Monetary Policy Committee meets on October 29, with overnight deposit and lending rates at 19% and 20%, respectively.
Policymakers face competing pressures: currency depreciation threatens imported inflation, while high borrowing costs constrain investment and economic activity. Continued government-debt selling adds uncertainty to portfolio financing conditions.
Banque du Caire Offering Draws Heavy Demand
Banque du Caire’s public offering reached approximately 6.7 times subscription coverage on Tuesday, with orders for 2.29bn shares against 343.125mn allocated to the public.
The increase follows regulatory approval to expand the sale from 30% to 45% of the bank’s issued capital, lifting the total offering to 6.8625bn shares.
At the final price of EGP5.30 per share, the transaction could generate approximately EGP36.4bn for Banque Misr, the selling shareholder.
Public subscriptions close on October 28.
The demand provides evidence of investor appetite for selected Egyptian banking assets, although oversubscription does not establish equivalent secondary-market demand.
Separately, MNT-Halan approved issuing approximately 163.3mn new shares to its principal shareholder at EGP 24.50 each. The transaction represents nearly EGP4bn in potential fresh equity funding, including share premium, while increasing nominal issued capital from EGP160mn to EGP 176.33mn.
Egypt’s Exchange also received a listing application from Al Amal Al Sharif for Plastics, covering EGP796.3mn in issued capital. The application remains under regulatory review and does not constitute a completed listing.
Together, the transactions demonstrate continued primary-market activity despite volatility in existing shares.
Recovery Gains Breadth, but Confidence Remains Divided
Tuesday materially improved the short-term outlook for Egyptian equities.
The market moved from Sunday’s indiscriminate liquidation and Monday’s selective stabilisation to a broad advance supported by overwhelmingly positive breadth.
Yet foreign institutions remained equity sellers, government-debt withdrawals continued and dollar trading between banks stayed unusually elevated.
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