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Investing.com – For the fourth consecutive session, the Egyptian Stock Exchange continues its meteoric rise to a historic peak. After rising by 3.48% in yesterday’s trading, Monday, and 1.6% in Sunday’s trading, the Egyptian Stock Exchange is now rising by nearly 5%, adding 1,087.26 points.
The main EGX 30 index on the Egyptian Stock Exchange rose to 22,119.6 at 14:12 Cairo time. Since the beginning of August until now, the 30-point stock index has risen by 25.76%, jumping from levels of 17,514 points to 22,120 points now. The previous peak of the index came in trading on September 26, when it achieved 20,531 points, but it began a downward correction wave after that, reaching 19,653.49 points in trading on October 11, before returning to violent rises again.
In yesterday’s trading, the Stock Exchange succeeded in exceeding the market value of its shares one trillion for the first time in history. The exceptional performance of the market was enhanced by the impressive trading volume witnessed in various sectors. By mid-session, market turnover exceeded a staggering 48 billion pounds, confirming strong activity and investor enthusiasm.
Some experts attribute the violent rise of the Egyptian Stock Exchange to growing expectations of the approaching new devaluation of the Egyptian currency, prompting many investors and traders to use the stock exchange as a safe haven against fluctuations in the local currency. While others believe that the Egyptian market is witnessing a major upward rally with greater liquidity entering the market and an increase in the number of traders.
A look at Egyptian stocks
Certainly, some stocks topped the picture at the Egyptian Stock Exchange event and its exceptional rise today. The most important of these stocks is MEPCO MFPC, which once again achieved a historic peak, with the price per share rising to 616 pounds, an increase of 16.64%. Likewise, Talaat Mostafa () shares rose by 16.3% to 15.7 pounds per share. Oriental Weavers ORWE shares rose by 13.46% to 18.38 pounds per share. Ezz Steel () rose 9.93% to 66 pounds per share. Elsewedy shares also rose by 9.08% to 27.4 pounds per share.
Both Talaat Mostafa and Al Suwaidi shares were able to break their previous records, according to data from EGVEST, the specialized website. In the financial market in .
A look at rising stocks…are they close to their fair price?
Talaat Moustafa stock in the eyes of InvestingPro
The world’s best stock analysis tool finds that according to more than 10 global models to determine the fair price of a stock, the fair price of Talaat Moustafa stock is 18.26 pounds per share. This is about 17.3% higher than the stock’s current peak of 15.56 pounds.
This evaluation gives the stock a great opportunity to rise in the future due to the strength of the company’s financial statements, such as the P/E index, earnings multiple, nominal value of the stock, and others.
Investing Pro also evaluates the condition of Talaat Mostafa shares in terms of financial health as good, and this evaluation takes into account approximately 100 factors as well as the comparison with the stock’s peers in the real estate sector.
Mobco stock in the eyes of InvestingPro
Evaluations of the InvestingPro stock analysis tool reveal that MOBCO stock is trading above its fair value extracted according to calculations of 14 financial economic models.
InvestingPro believes that the fair price for MFPC shares is 423.02 pounds, which is 31.3% lower than its current value of 616 pounds per share.
However, the financial health of Misr Fertilizer Company MFPC is rated as excellent on the InvestingPro stock analysis tool.
For more stock data and analysis, you can subscribe to the InvestingPro service with a free period for members.
2023-10-17 11:37:00
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