Egypt’s stocks boom 20% as global investors bet on economic turnaround
Powered by banking, tobacco and building companies, the North African country's EGX30 index has soared to new records in August.
Egypt’s EGX30 index has surged, hitting all-time highs in August and extending a rally that started in late 2022.
The country’s blue-chip gauge opened the month by rising for six straight sessions before leveling on Aug. 10. For the year, the index is up 20% through Aug. 14 and far outperforming key regional peers like Saudi Arabia’s TASI index, which has declined almost 11% in that span.
A number of factors have fueled this rally: The pound has strengthened about 5% against the dollar in 2025 as of Aug. 14, inflation is cooling and corporate earnings are strong. Most sectors are rising, led by banks, telecoms and industrials. Commercial International Bank — which makes up nearly a third of the EGX30 — is up 27% this year as of mid-August after a 21% jump in first-half profit. Other key stocks have posted even bigger gains, with tobacco firm Eastern Company up 29% and Telecom Egypt rising 36% in that same span.
From crisis to confidence
