The growth of the Egyptian stock market index with the resignation of the head of the country’s central bank

According to the report of the International Economic Group of Fars News Agency, quoted by Al-Ahram, the Egyptian Stock Exchange ended its trading on Wednesday with an increase in the total of its indicators and an increase in the market value of 9.3 billion pounds.

This Egyptian newspaper reported: “EGX30” index closed with a growth of 2.24% at the level of 10063.58 units, while the index of small and medium companies “EGX 70 equal weight” increased by 0.55% at the level of 2161 They grew by 88 units. The AJX 100 index of the same weight was placed at the level of 3095.22 units with an increase of 0.99%.

Egypt’s economic circles received the news of the resignation of Tariq Amer, the head of the country’s central bank, and the president of Egypt, Abdel Fattah al-Sisi, while accepting Tariq’s resignation, appointed him as an adviser to the president.

Meanwhile, Egypt’s stock market indices were mixed at the close of trading on Tuesday, the mid-week, as the main index fell under pressure from falling leading stocks, while the EGX70 and EGX100 indices rose, with a market capitalization of £1.45 billion. It lost to close at 669.530 billion pounds.

The volume of stock trading reached 900 million securities worth 1.4 billion pounds with 56.2 thousand transactions for 190 companies, and Egyptians’ transactions accounted for 86.86% of the total transactions, while foreigners accounted for 8. 48% and Arabs accounted for 4.67% in the trading session on Wednesday. Institutions accounted for 21.23% of the stock exchange transactions and the rest of the transactions belonged to individuals with a rate of 78.76%.

The value of net transactions of Arab and foreign individuals and institutions for selling was 11.2 million pounds, 1.6 million pounds, 23.3 million pounds and 99.3 million pounds, respectively, while the net transactions of Egyptian individuals and institutions tended to buy. with a value of 80.1 million pounds and 55.3 million pounds respectively.

As the most populous country in the Middle East, Egypt is facing unprecedented inflation and considers its economic problems to be caused by the war between Russia and Ukraine, the high price of oil and the decrease in tourism.

Egypt’s president has yet to name a replacement for Amer, who was appointed head of the central bank in November 2015.

According to experts, the retired head of the Central Bank of Egypt supported the devaluation of the pound as a way to secure a loan from the International Monetary Fund, and therefore the value of the Egyptian currency will continue to decrease and, amid continuous pressure, to 25 pounds by the end of 2024. will arrive for every dollar.

The resignation of the head of Egypt’s central bank came after the country’s key ministries were also reshuffled on Saturday, as the government faces mounting pressure from economic challenges.

The cabinet reshuffle, which was approved in an emergency meeting of the cabinet, affected 13 ministries, including health, education, culture, local development and irrigation. Egypt’s Minister of Tourism and Antiquities also changed.

Egypt’s tourism industry, which employs millions of people, has been affected by years of turmoil, the Corona epidemic and then the war in Ukraine.

The consequences of the Russian war were heavy for Egypt as the largest importer of wheat in the world, which supplies about 80% of it from the Black Sea region. In the first weeks after the invasion of Ukraine in late February, the price of wheat and other grains rose sharply, as did the price of fuel. Although prices have now fallen somewhat, the cost of grain is at least 50% higher than before the pandemic in early 2020. In addition, the transportation cost to export those grains through the Black Sea is high.

Inflation in the country of 103 million people reached 14.6 percent in July, increasing the pressure on low-income households and daily necessities. According to government statistics, about a third of Egyptians live in poverty.

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