EGX 30 rises 0.67% as Elsewedy and OCI Global drive the narrative
The EGX 30 closed up 0.67% at 52,608.3 on July 13, after a 0.11% dip flagged in a July 12 market note. Elsewedy Electric led the news flow with a planned $200 million investment in Egypt’s industrial sector, according to MSN, while Ad-hoc-news.de on July 9 highlighted its balance between regional expansion and global challenges. The company was also cited on July 8 by petroleum.gov.eg in a phosphate industries complex presented as a marker of mining reforms and public-private partnership. Orascom Construction, meanwhile, updated the market on July 7 on its proposed combination with OCI Global, TradingView reported, keeping the transaction in conditional terms.
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The EGX 30 closed up 0.7034% at 52,928.1 points on July 16. Telecom Egypt said it will not proceed with the proposed RDH transaction, according to a regulatory filing carried by TradingView. Elsewedy Electric wants to invest $200 million in Egypt's industrial sector, according to MSN. The group is also balancing regional growth against global challenges, Ad-hoc-news.de reports.
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