By: Heba El-Kordy

Cairo – Mubasher: Market capitalisation of the Egyptian Exchange (EGX) has surpassed EGP 1 trillion for the first time on Thursday as the stock market hit record highs.

By 10:50 am Cairo time, market capitalisation recorded around EGP 1.001 trillion, against EGP 994.7 billion at Tuesday’s close.

Market capitalisation hiked on the back of the historic records the EGX has achieved today, head of financial research at El Marwa for Securities and Brokerage Mohamed El-Naggar said.

The heavyweight Commercial International Bank (CIB) has soared to a new record on Thursday’s trading session and Elsewedy Electric has announced approval of stock split, which bolstered the EGX’s performance, El-Naggar indicated.

Foreign inflows in the EGX are the main supporter of trading in the meantime, he stressed, pointing out that the EGX has been shrugging off global stock markets’ recent plunge to hit record highs today on the back of the local economic news.

The EGX30 index climbed 1.07%, touching 18,316 points, its the highest level ever.

The CIB’s stock jumped 1.74% to EGP 94, with a turnover of EGP 9.8 million.

Translated by: Mai Ezz El-Din