EGX 30 slips 0.68% as Elsewedy JV wins $2.2 bln Saudi EPC contract
The EGX 30 fell 0.68% to 51,265.3 on October 13, extending a weaker tone after a 1.14% drop flagged in an analyst note a day earlier. Elsewedy Electric offered a corporate bright spot, with its joint venture securing a $2.2 billion EPC contract for the Rabigh 2 IPP expansion, according to IndexBox. Corporate flow was otherwise led by regulatory filings, with at least 8 notices on AGMs, notarized minutes or governance disclosure forms published between October 11 and October 13. Al Alamia Ceramics had meanwhile risen 3.6% despite the index decline, according to the October 12 analyst note.
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Al Alamia Ceramics posted the day’s top gain on the Cairo Stock Exchange, rising 3.6% to EGP 34.3 while the EGX 30 fell 1.14%. The move highlights selective appetite for construction-linked names even as a weaker pound and higher oil prices weighed on broader sentiment.
EGX 30 falls 1.14% as Elsewedy studies Algeria auto project
The EGX 30 closed down 1.14% at 51,613.9 points on October 12, after a 1.99% drop a day earlier, according to market data and an analyst note. Elsewedy Electric is studying the establishment of an electric and hybrid car factory in Algeria, waya.media reported, preserving the project’s conditional status. Talaat Moustafa Group signed a strategic partnership with AXA Egypt to provide integrated insurance solutions for Spine unit owners, according to Zawya. EFG Hermes advised Banque du Caire as joint global coordinator and joint bookrunner for its IPO on the EGX, شبكة تواصل الإخبارية reported.