Friday 28 Feb
According to a report by CI Capital Investment Bank analyzing the 2024 economic outlook for Egypt and the region, several companies are projected to deliver strong returns in the Egyptian stock market. These include Talaat Moustafa Holding Group, Commercial International Bank, Orascom Construction, Eastern Company, Raya Holding, Taaleem Management Services, Ibn Sina Pharma, and Fawry for Banking Technology.
CI Capital has set a target price of EGP 105 for Talaat Moustafa Holding shares, recognizing its impressive performance in the previous year. Orascom Construction is also highlighted for its growth potential, driven by its substantial land bank and easy access to financing. The target price for Commercial International Bank shares is estimated to reach EGP 140.
The report
anticipates that Raya Holding will benefit significantly from the expected
growth of the data center industry in Egypt. Fawry's share price is projected
to rise to EGP 14.5.
CI Capital
forecasts a relative decline in geopolitical tensions in the Middle East,
following the ceasefire agreement in Gaza. The report also anticipates a reduction
in the monetary tightening measures implemented by the Egyptian government to
address the foreign currency crisis.
Given the
growing interest in the pharmaceutical and medical industries, as well as
modern educational services, the report selected Ibn Sina Pharma and Taaleem
shares as strong investment candidates.
The report recommends purchasing these stocks throughout the current year.
