Stock rebound after 2.3% drop
The Egyptian stock exchange experienced fluctuations during today’s session, starting with a sharp decline exceeding 2% in the main indices due to the impact of the Cairo Bank's IPO, which involves offering 30% of its shares valued between approximately 22.05 and 24.25 billion Egyptian pounds. This move is expected to withdraw a portion of liquidity from the market, estimated to reach 60-70%. However, the indices recovered slightly after an hour of trading, though this may be temporary. Experts believe that selling pressures remain ongoing and that upcoming offerings could lead to reduced liquidity, with the market likely to fluctuate between specific support and resistance levels.
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