Egyptian bourse registers biggest annual gain since 2016

Most stock markets in the Middle East ended higher on Sunday, with the Egyptian index chalking up its biggest annual gain since 2016, helped by investors hedging against high inflation and a weak domestic currency.

Egypt's blue-chip index (.EGX30) advanced 0.8%, extending its 2023 gains to a 70.5%.

Top lender Commercial International Bank (COMI.CA) was up 75% over the year while tobacco monopoly Eastern Company (EAST.CA) concluded the year 98.5% higher than at the start of 2023.