Egypt’s benchmark stock index hit a record high, spurred by investors looking to hedge against surging inflation driven by a series of currency devaluations and the fallout from Russia’s invasion of Ukraine.
The EGX 30 Index rose 1.7% in Sunday trading, continuing its bullish run to surpass a 2018 peak. In local-currency terms it has now risen over 91% from an October low, while in dollar terms it’s up 1.8% year-to-date, outperforming the MSCI Emerging Markets Europe, Middle East and Africa Index.
