RIYADH: Egypt’s stock exchange saw its market cap rise by a record 51.8 billion Egyptian pounds ($2.7 billion) in August despite continued monetary policy tightening.
The market capitalization of listed companies’ shares grew 8.2 percent to 685 billion Egyptian pounds from 633 billion by July end, a report by the country’s bourse showed.
In terms of index gains, the blue-chip EGX30 index jumped 5.6 percent during the month, gaining 531 points to 9,998 points at the end of August trading.
The country’s stock market gains came amid ongoing economic challenges, with the Egyptian pound further devaluating against the dollar and soaring inflation.
In August, Egypt’s president accepted the resignation of central bank governor Tarek Amer, who was replaced by Hassan Abdalla as an acting governor.