EGX 30 drops 3.41% despite IPO momentum and a $202 billion real estate deal

The EGX 30 closed down 3.4105% at 51,052.3 on October 22, marking a sharp pullback. EFG Hermes completed its advisory role on MNT-Halan’s EGP 7.84 billion IPO, described as Egypt’s largest listing since 2021, according to Arab Finance, Gulf Business and شبكة تواصل الإخبارية. The bank is set to begin promoting the Misr Life Insurance and Egypt Education Platform IPOs in November, waya.media reports, extending an already active primary pipeline. In real estate, Talaat Moustafa Group signed a $202 billion agreement and plans to develop 4 projects worth EGP 11 trillion in Egypt, according to Middle East Online and Egypt Today.