EGX30 closed October down 4.43%, its second straight monthly loss

Here are the stories driving the day, both at home and abroad. The EGX30 closed October down 4.43% at 49.6k points, its second losing month in a row and the first time the benchmark has strung two together this year, according to the bourse’s monthly report (pdf). The benchmark closed March, June, and September in the red. The index opened at 51.9k, touched 54.1k, and bottomed at 47.9k — an 11.4% peak-to-trough swing inside four weeks, by our math. The only index on the board to finish green was the EGX T-Bonds, up 0.88% to 2.7k. And only one sector held the line: food, beverages, and tobacco finished up 0.2%, making it the sole gainer out of 18.

The second tier fell twice as hard. The EGX70 dropped 9.91% to 16.8k points, and the broader EGX100 lost 8.62% to 22.6k. Tamayuz, the SME gauge, fell 6.33% to 38.1k points, the low-volatility EGX35-LV shed 8.32% to 5.8k, and the EGX 33 Shariah index fell 5.57% to 5.9k.

^^We dig deeper in tomorrow’s edition of EnterpriseAM.

☀️ TOMORROW’S WEATHER- It’s getting chilly in the capital tomorrow, as temperatures reach a high of 27°C before dropping to a cooler overnight low of 19°C, according to our favorite weather app.

MAKING HEADLINES ABROAD-

The results of the US midterm elections dominate the global headlines this afternoon. The 2026 midterms delivered a sweeping victory for Democrats, who are projected to take control of both chambers of Congress after flipping a string of Republican-held seats, including in traditionally conservative states. The results reflect voter frustration over the cost of living and President Donald Trump’s handling of the war with Iran. Democrats also made gains in gubernatorial races, turning several Republican strongholds blue and setting the stage for a series of historic firsts.

Among the night’s biggest milestones, Egyptian-American Democrat Abdul El-Sayed secured Michigan’s Senate race, becoming the first Muslim elected to the US Senate. The 42-year-old son of Egyptian immigrants defeated Republican Mike Rogers after a campaign centered on healthcare, affordability, and reducing corporate influence in politics. Another Egyptian-American, Adam Hamawy, secured New Jersey’s 12th Congressional District, becoming the state’s first Muslim member of Congress.

The election also delivered a string of historic firsts across the country. Texas, flipping blue, elected Democrat Gina Hinojosa as its first Hispanic governor and its first Democratic governor since 1990, while Georgia elected Keisha Lance Bottoms as the first Black woman to lead a US state. New Mexico’s Deb Haaland is set to become the first Native American woman governor, while Florida’s Byron Donalds will be the country’s first Black Republican governor.

Trump said he would accept the results and congratulated Democrats, acknowledging that they had “done a good job” in the election. He nevertheless rejected the idea that the Republican losses reflected on his presidency, arguing that the party would have secured victory by a landslide had he been on the ballot. He also blamed Texas Governor Greg Abbott for his defeat and said he was willing to work with Democrats.

Market reax: The USD fell to a one-month low today while gold climbed back above USD 4k per troy ounce. The USD weakened against major currencies, including EUR, GBP, JPY and CHF, while investors moved into US Treasuries, pushing bond yields lower. The benchmark 10-year Treasury yield dropped 4.7 basis points to 4.9%, while the two-year yield fell 3.7 basis points to 4.6%. Gold futures rose 2.8% to over USD 4k per troy ounce in mid-morning European trading, while other precious metals also advanced, with silver gaining 4.7% to USD 52.11 per ounce and platinum rising 2.4% to USD 1.5k.