{"id":699219,"date":"2026-05-06T00:00:00","date_gmt":"2026-05-06T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?p=699219"},"modified":"2026-05-06T02:39:06","modified_gmt":"2026-05-06T02:39:06","slug":"egx30-erases-march-losses-with-14-2-april-surge","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2026\/05\/06\/egx30-erases-march-losses-with-14-2-april-surge\/","title":{"rendered":"EGX30 erases March losses with 14.2% April surge"},"content":{"rendered":"

The EGX has erased its March war shock. <\/strong>The benchmark surged 14.2% in April to 51.8k points, with local investors crowding into education, travel, and real estate names, according to the bourse\u2019s latest monthly report (pdf)<\/a>. Market cap jumped EGP 433 bn \u2014 or 13.4% \u2014 to EGP 3.67 tn, recovering March\u2019s 7.9% drawdown<\/a> with room to spare.<\/p>\n

Stocks accounted for just 8.4% of main market turnover<\/strong>, with the other 91.6% dominated by bonds and T-bills \u2014 not unusual.<\/p>\n

ZOOMING OUT- The EGX30 was a regional standout: <\/strong>Saudi Arabia\u2019s TASI shed 0.55%<\/a> on profittaking, while the UAE\u2019s bourses found some footing \u2014 with the DFM up 6.1% and the ADX up 2.7%, clawing back some of their earlier war-driven losses.<\/p>\n

The headline somewhat flatters the data underneath. <\/strong>Local institutions led the rally with net purchases of EGP 3.3 bn, while regional institutions dumped shares worth EGP 905.4 mn. Appetite from foreign institutions managed was weak, with just EGP 100 mn in net buying. <\/p>\n

So, what tempts the carry trade crowd back? <\/strong>\u201cWe haven't seen foreigners entering aggressively lately. We still need to see incremental inflows from foreign and regional investors,\u201d CI Capital head of research Monsef Morsy tells EnterpriseAM. \u201cIt\u2019s not necessarily weak conviction, but rather a result of the investor type and an outlook that isn't 100% clear,\u201d he says, adding that certainty about the \u201cdust having settled\u201d regionally will bring foreign investors back.<\/p>\n

Retail traders of all forms trimmed their positions:<\/strong> local investors were net sellers to the tune of EGP 1.1 bn, while regional traders trimmed EGP 1.06 bn, and international retail investors were off EGP 318 mn.<\/p>\n

What moved the needle<\/p>\n

Don\u2019t credit April\u2019s rally to the ceasefire, that impact actually showed up in May. <\/strong>\u201cThe session that most clearly showed the markets are betting on a ceasefire was Sunday\u2019s session [early May], not April\u2019s,\u201d Al Ahly Pharos head of research Hany Genena tells us. For most of the month, the geopolitical risk premium was still being priced in. <\/p>\n

This is more a macro story than anything:<\/strong> \u201cApril's performance reflected the decrease in the USD exchange rate and the rise in prices of oil, petrochemicals, urea, and so on,\u201d Genena tells us, adding that EGP depreciation expectations \u201care not severe,\u201d pointing to anchored CIB GDRs as evidence that the black-market fears of prior cycles aren\u2019t driving the current bid.<\/p>\n

\n

The anatomy of a concentrated rally <\/p>\n

Gains were anything but evenly distributed. <\/strong>Education services led at +51.7%, followed by travel & leisure (+32.3%) and real estate (+21%). Banks (+3.7%), energy (+3.9%), and textiles (+4%) brought up the rear. Meanwhile, shipping & transportation (-0.1%) was the only sector in the red.<\/p>\n

Education\u2019s gain was baked in by September. <\/strong>\u201cEducation was a top performer because it is a defensive sector whose performance is largely determined at the start of the academic year in September based on enrollment numbers,\u201d Morsy tells us, meaning this year\u2019s \u201cresults are already set,\u201d regardless of how the macro played out.<\/p>\n

For (a mid-cap) blue-chip like our friends at Cira, there\u2019s a deleveraging factor at play. <\/strong>The sector\u2019s surge also reflects a structural shift for education\u2019s biggest players. \u201cCira is emerging from a long cycle of heavy debt,\u201d CEO Mohamed El Kalla tells EnterpriseAM. After a \u201cbold\u201d borrowing spree to expand its university and schooling footprint, the company is now entering an exit phase of high leverage. \u201cThe bottom line is growing by multiple digits,\u201d El Kalla says, noting that investors are piling in as the company delivers on its growth plans earlier than anticipated. Cira\u2019s stock price was up 15.8% in April to EGP 19.80.<\/p>\n

Real estate is a more complicated read. <\/strong>Both Morsy and Genena frame the sector\u2019s 21% gain as largely stock-specific \u2014 think dividends here, a new project announcement there. Morsy describes it as \u201cspecific stock movement rather than a sector-wide deployment,\u201d and Genena points to names like Talaat Mostafa Group and Palm Hills as the proximate catalysts. Morsy acknowledges a broader dynamic, but with a caveat \u2014 \u201creal estate remains a USD hedge, though perhaps not with the same impact as previous years.\u201d<\/p>\n

OUR TAKE- That's partially right \u2014 and partially convenient. <\/strong>The company-specific narrative holds, but the macro setup is what makes the move clearer. Single-stock pops can\u2019t fully account for a 21% sector gain in a year when investment-driven purchases had already fallen below 20% of demand<\/a> \u2014 down from 55% in 2024 \u2014 signaling that speculative appetite was cooling. Real estate still functions as the market\u2019s default macro hedge in uncertain periods, and a weaker EGP, elevated commodity prices, and a war next door create exactly the kind of environment that pushes money into property.<\/p>\n

On the travel and leisure front, the 32.3% gain may be partly a real estate story in a different sector. <\/strong>Orascom Development \u2014 which hovered near record highs during the month \u2014 is one of the largest names on the index, and a master-developer of El Gouna, Makadi, and Taba Heights, which means it carries real estate exposure alongside its tourism business. To the extent the macro hedge logic driving real estate this year is also lifting Orascom Development, some of the index's movement could reflect the same dynamic rather than a standalone sector thesis.<\/p>\n

REMEMBER-<\/strong> 5.6 mn tourists landed in Egypt in 1Q 2026<\/a>, a 43.5% y-o-y increase from the 3.9 mn recorded during the same period last year. The surge in arrivals pushed quarterly tourism revenues to nearly USD 5.1 bn, up 34% y-o-y.<\/p>\n

Where might investors be looking in May?<\/strong> Banks are the laggard with a re-rating case building. <\/strong>\u201cBanks are lagging, but they should re-rate soon,\u201d Morsy says. The higher-for-longer rate environment is keeping margins healthy, lending is growing, and 1Q results so far show profitability gains. \u201cThere wasn't a major trigger in April for a bigger move, but I expect a gradual re-rating due to healthy margins and the rate environment,\u201d he adds.<\/p>\n

\n

The brokerage league table<\/p>\n

In April: <\/strong>Thndr topped the EGX brokerage league table (pdf)<\/a> last month with a market share of 15%, dethroning EFG Hermes\u2019s brokerage arm (14.9%) and Mubasher (6.3%). <\/p>\n

YTD:<\/strong> EFG Hermes retains the top spot with a 16.2% market share, followed by Thndr (12.9%) and Mubasher (6.6%), according to the bourse\u2019s YTD ranking (pdf)<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

The rally piled on roughly EGP 433 bn in market cap, up 13.4% to EGP 3.67 tn by the end of April<\/p>\n","protected":false},"author":1,"featured_media":699220,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7303],"tags":[102,68,72],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-699219","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-capital-markets","tag-capital-markets","tag-egx","tag-enterpriseam","wpautop","entry"],"acf":{"mongo_id":"4195c01c-7959-4bc5-93ef-7ba241efb6e4","order":"5","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/6\/1219.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Bulls shrug off war clouds","related_issue":[699211],"teaser":"The rally piled on roughly EGP 433 bn in market cap, up 13.4% to EGP 3.67 tn by the end of April"},"yoast_head":"\nEGX30 erases March losses with 14.2% April surge - 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EGX30 hits record high in January as institutions favor large caps and sovereign debt","author":"enterpriseam admin","date":"2 February 2026","format":false,"excerpt":"Local institutions were the primary exiters from listed stocks (excluding deals)","rel":"","context":"In "Capital markets"","block_context":{"text":"Capital markets","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/capital-markets\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/8\/400.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":585174,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/04\/11\/what-the-markets-are-doing-on-11-april-2023\/","url_meta":{"origin":699219,"position":2},"title":"What the markets are doing on 11 April, 2023","author":"enterpriseam admin","date":"11 April 2023","format":false,"excerpt":"MARKET NEWS-Rameda Pharma will distribute EGP 127.9 mn worth of bonus shares at EGP 0.5073 per share, according to an EGX disclosure (pdf). The issuance will raise the company\u2019s issued capital to EGP 380 mn and the number of its shares to 1.5 bn. MARKET ROUNDUP-The EGX30 rose 1.4% at\u2026","rel":"","context":"In "GO WITH THE FLOW"","block_context":{"text":"GO WITH THE FLOW","link":"https:\/\/enterpriseam.com\/egypt\/category\/go-with-the-flow\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":585017,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/04\/09\/what-the-markets-are-doing-on-9-april-2023\/","url_meta":{"origin":699219,"position":3},"title":"What the markets are doing on 9 April, 2023","author":"enterpriseam admin","date":"9 April 2023","format":false,"excerpt":"The EGX30 fell 0.2% at today\u2019s close on turnover of EGP 1.1 bn. International investors were net sellers. The index is up 14.2% YTD.In the green: Egypt Kuwait Holding (+6.2%), Qalaa Holding (+4.3%) and Elsewedy Electric (+1.9%).In the red: Credit Agricole (-3.2%), GB Auto (-3.0%) and Abu Qir Fertilizers (-2.5%).","rel":"","context":"In "GO WITH THE FLOW"","block_context":{"text":"GO WITH THE FLOW","link":"https:\/\/enterpriseam.com\/egypt\/category\/go-with-the-flow\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":594341,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/10\/27\/the-market-yesterday-275\/","url_meta":{"origin":699219,"position":4},"title":"The Market Yesterday","author":"enterpriseam admin","date":"27 October 2019","format":false,"excerpt":"EGP \/ USD CBE market average: Buy 16.07 | Sell 16.20 EGP \/ USD at CIB: Buy 16.08 | Sell 16.18 EGP \/ USD at NBE: Buy 16.10 | Sell 16.20 EGX30 (Thursday): 14,206 (+0.6%) Turnover: EGP 555 mn (21% below the 90-day average) EGX 30 year-to-date: +9.0% THE MARKET\u2026","rel":"","context":"In "The Market Yesterday"","block_context":{"text":"The Market Yesterday","link":"https:\/\/enterpriseam.com\/egypt\/category\/the-market-yesterday\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":672915,"url":"https:\/\/enterpriseam.com\/egypt\/2025\/10\/02\/egx-extends-gains-in-september-closing-up-4-3\/","url_meta":{"origin":699219,"position":5},"title":"EGX extends gains in September, closing up 4.3%","author":"enterpriseam admin","date":"2 October 2025","format":false,"excerpt":"Healthcare & pharma emerged as the top-performing sector on the EGX in September.","rel":"","context":"In "Capital markets"","block_context":{"text":"Capital markets","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/capital-markets\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/6\/1219.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/699219","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=699219"}],"version-history":[{"count":1,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/699219\/revisions"}],"predecessor-version":[{"id":699262,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/699219\/revisions\/699262"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/699211"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/699220"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=699219"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=699219"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=699219"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=699219"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=699219"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}