Egyptian Exchange (EGX): North Africa's Biggest Stock Market Explained

Egypt is Africa's third largest economy and the continent's most populous Arab nation, with over 105 million people. Its stock market — the Egyptian Exchange, universally known as the EGX — is the continent's second largest by market capitalisation and one of the oldest exchanges in the world, with roots stretching back to 1883.

Understanding the EGX means understanding one of Africa's most complex, dynamic and geopolitically significant economies.

What is the Egyptian Exchange?

The Egyptian Exchange traces its origins to the Alexandria Stock Exchange, founded in 1883, and the Cairo Stock Exchange, founded in 1903. At their peak in the early 20th century, these two exchanges were among the five most active markets in the world. Following Egypt's nationalisation programme in the 1960s, trading activity collapsed. The modern EGX was re-established in the 1990s as part of Egypt's economic liberalisation programme.

Today the EGX is regulated by the Financial Regulatory Authority (FRA) and operates from its headquarters in Cairo. It lists over 250 companies with a combined market capitalisation exceeding EGP 1.2 trillion.

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EGX Indices

EGX 30 — The primary benchmark, tracking the 30 most actively traded and liquid companies on the exchange. Market-cap weighted and rebalanced semi-annually.

EGX 70 — Tracks 70 active companies beyond the EGX 30, providing a mid-cap market barometer.

EGX 100 — A combined index of the EGX 30 and EGX 70, offering the broadest single index snapshot of listed Egyptian equities.

EGX 20 Capped — A version of the EGX 20 with individual constituent caps to prevent over-concentration.

EGX Listed Companies: Key Players

Commercial International Bank (CIB) — Egypt's largest private sector bank and one of the most profitable financial institutions in Africa by return on equity. CIB is the EGX's most internationally recognised and heavily traded stock.

Talaat Moustafa Group (TMG) — Egypt's largest real estate developer, with flagship projects including Madinaty and Al Rehab City — two of the largest master-planned urban developments in Africa.

Ezz Steel — Egypt's dominant steel producer and one of the largest steel companies in the Middle East and Africa.

Juhayna Food Industries — Egypt's leading producer of dairy products, juices and cooking oils. Juhayna is a proxy for Egypt's large and growing food and beverage consumer market.

Eastern Company — Egypt's dominant tobacco company, with a near-monopoly on the domestic cigarette market.

Emaar Misr — The Egyptian subsidiary of UAE's Emaar Properties, developer of Uptown Cairo and other premium residential projects.

Egypt's Economic Context

Egypt's economy is the largest in North Africa and the third largest in Africa. It combines several distinct economic drivers:

Suez Canal — Egypt controls the Suez Canal, one of the world's most strategically critical waterways, through which approximately 12% of global trade passes. Canal revenues are a significant and relatively stable source of foreign exchange.

Tourism — Egypt's ancient monuments, Red Sea resorts and Nile cruises make it one of Africa's top tourist destinations. Tourism recovered strongly after the disruptions of the Arab Spring and COVID, contributing significantly to GDP.

Remittances — A large Egyptian diaspora — particularly in Gulf countries — sends substantial remittances home, providing a significant and stable source of USD inflows.

Energy — Egypt has become a net energy exporter following major natural gas discoveries in the Mediterranean, particularly the Zohr field discovered by ENI in 2015.

IMF Programme — Egypt has been implementing a series of IMF-backed economic reform programmes since 2016, involving exchange rate liberalisation, energy subsidy reform, and fiscal consolidation.

How to Invest in EGX Stocks

Open a CDS Account — Egypt's Central Depository and Registry (Misr for Central Clearing, Depository and Registry — MCDR) maintains all securities accounts. Accounts are opened through licensed brokers.

Choose a Broker — Major EGX brokers include HC Securities, Pharos Securities, Hermes Securities, and Beltone Financial. Several international brokers also offer EGX access.

Currency — All EGX transactions are denominated in Egyptian Pounds (EGP). Foreign investors should carefully assess EGP/USD exchange rate risk, as the pound has historically experienced significant devaluation cycles.

Foreign Investor Limits — There are no general foreign ownership restrictions on EGX stocks, though certain sensitive sectors may have specific limitations.

For live EGX data, visit the Egypt Market Desk on Mansa Markets or explore all African markets at Mansa Markets.