MARKET WATCH — Hitting new all-time highs .. again
STOCK ANALYSIS: Tawasoa Factoring (TWSA)
Written end of November 2025 for Business Monthly - December 2025 Issue
MARKET WATCH
The period from Oct. 15 to Nov. 15 was momentous for the Egyptian stock market. Not only did the market hit new all-time highs, but most indices managed to sustain these levels in the following days.
Let’s take them one by one. EGX30 hit an all-time high of 40,950 on Nov. 10 before pushing higher to 41,443 on Nov. 17, ending November less than 2% off that high. Similarly, EGX70 hit an all-time high of 12,338 on Oct. 27 before pushing higher to 12,468 on Nov. 24, ending November less than 1.5% off that high.
During the period, EGX30 rose 6.7%, while EGX70 rose 5.0%, extending their year-to-date gains to 35.1% and 49.2%, respectively. TMG Holding (TMGH, up 24%) was behind the EGX30 performance during the period, while Amer Group (AMER, up 48%) was behind the EGX70 performance.
Meanwhile, six of the EGX-listed bank stocks saw double-digit returns during the period, led by Suez Canal Bank (CANA, up 37.5%) and followed by QNB Egypt (QNBE, up 32.5%) and Albaraka Bank Egypt (SAUD, up 22%). Sentiment turned positive on the banking sector after CIB (COMI) posted strong third-quarter results that beat expectations due to the release of provisions. Similarly, Abu Dhabi Islamic Bank Egypt (ADIB, up 20%) was still undergoing an EGP3-billion capital increase at a par value, where its capital increase right was trading at a discount to its underlying stock.
Also, Macro Group (MCRO, down 2% during the period) was also going through with another capital increase 6 times its existing capital at a par value. Following the end of the period, the stock skyrocketed, doubling to EGP1.42 a share.
Elsewhere, cement stocks continued to deliver unprecedented returns, led by Misr Beni Suef Cement (MBSC, up 64%) and Misr Cement Qena (MCQE, up 58%), further extending their year-to-date gain to 403% and 497%, respectively—the best performing cement stocks on record so far in 2025.
As for the macro picture, headline inflation rose for the first time in four months, registering 12.5% in October, which was expected by some economists in the market. But with one more monetary policy meeting left in its coffers, the Central Bank of Egypt (CBE) decided to take it slow and pushed the pause button on its easing monetary policy for the time being. It held policy rates steady in its November meeting, with market participants expecting it to resume its rate cuts in its December meeting.
STOCK ANALYSIS
Tawasoa Factoring (TWSA)
Tawasoa Factoring (TWSA) became the latest initial public offering (IPO) to hit the market on the Small & Medium Enterprises Market (previously known as Nilex). This factoring company, licensed in 2020, floated a 25% stake worth only EGP32.4 million at EGP1.73 a share, valuing it at EGP121 million. It was split 80%-20% between a private placement and a public offering. Still, it saw high demand with both the private placement and public offering oversubscribed by 14.8 times and 13.96 times, respectively. The stock hit the 20% maximum price limit on its first day of trading (Nov. 13), hitting EGP2.07. Later on, the stock more than doubled off its IPO price, hitting an intraday high of EGP3.63 on Nov. 23.
