The Egyptian Prime Minister’s page published a statement issued by the Egyptian Stock Exchange, as stock markets in the Middle East region witnessed a difficult period in 2022, as inflation, high interest rates and the war in Ukraine severely affected investor sentiment, according to the chief market strategist – Middle East and North Africa region in Exness Company – Wael Makarim, who added that the previous challenges led to a divergence in the performance of the markets in the region, as most of the Gulf Cooperation Council countries peg their currencies to the US dollar, and follow the movements of the Federal Reserve policy closely, which exposes the region to a direct impact from the tightening of monetary policy in the largest economy in the world. the scientist.
Makarem said the Ukraine war created strong volatility in energy prices which in turn affected economies around the world and the performance of companies in various sectors from transportation to retail.
Outside the Gulf region, Egypt’s blue-chip index (.EGX30) rose, posting an annual gain of 22%. Where the main index of the Egyptian Stock Exchange reversed its previous trend to achieve gains in the fourth quarter following the agreement with the International Monetary Fund and the support of the Central Bank to allow lenders greater flexibility in currency trading.
