The Egyptian Exchange (EGX) continued its recent downturn, on Tuesday, after a brief pause, negating all its gains for the current year. Amr El Alfy, Chief Equity Strategist at Thndr, compared the high returns on Treasury bills to those of the stock market, emphasizing the importance of sustainable growth. El Alfy also highlighted that numerous stocks in the Egyptian stock market are currently undervalued and stressed the significance of the investment horizon, advocating for the need for medium to long-term investors in the market, which still holds promising growth prospects. Hany Tawfik, Chairperson of International Investors Group, remarked that the stock market has been used as a store of value, and investments have not mirrored the actual performance of companies. The list extends to Tawfeek Leasing Finance, GB Corp, CI Capital, and various industrial companies, highlighting the investment potential in these entities.

Source: Daily News Egypt May 05, 2024 07:48 UTC