The standout move on the Egyptian stock exchange today was not the EGX 30 index rising a measured 0.57% to 52,719.1, but the surge in SAIB, which jumped 19.9% to EGP 2.53. In a session where 28 stocks advanced, against 15 decliners and 1 unchanged, the rally was far stronger than the broader market tone and put renewed focus on what can trigger sharp re-ratings in Egypt’s second-tier banking names. SAIB’s jump came in a macro backdrop that was modestly supportive for Egyptian risk assets. The USD/EGP stood at 52.5, down 0.17% on the day, offering a degree of short-term currency stability. That matters more in Cairo than in many other markets: local equity gains can look very different in dollar terms if the pound is sliding. After the multiple devaluations seen between 2022 and 2024, even a relatively calm FX session can improve sentiment toward domestic financials and rate-sensitive stocks.
Key figures
- SAIB: +19.9% to EGP 2.53
- EGX 30: +0.57% to 52,719.1
- Market breadth: 28 up / 15 down / 1 unchanged
- USD/EGP: 52.5, down 0.17% on the day
- Commercial International Bank traded EGP 447.3 million in value