EGX 30 drops 2.04% as Elsewedy and Orascom drive headlines

The EGX 30 closed down 2.04% at 46,681.8 points on April 7, with corporate headlines setting the tone. Elsewedy Electric discussed broader grid and distribution projects with Egypt's Electricity Ministry, according to ZAWYA, while the group also advanced enterprise-scale Agentic AI adoption with IBM, reports Intelligent CIO. Orascom Construction reported a $9 billion consolidated backlog in 2025, according to ZAWYA. Telecom Egypt denied any move to turn a data center complex into a cash-generating asset, according to Data Center Dynamics.