Middle East and Africa markets displayed a diverse range of performances on July 31, 2026.
Regional investors were focused on various economic indicators and market developments that could impact their investment decisions. The Egyptian Exchange Index rose 0.65% on the day as anticipation of additional rate cuts by the central bank drove expectations of improved economic conditions.
The Casablanca Stock Exchange in Morocco recorded a 0.35% gain as the country's GDP growth forecasts showed signs of improvement. Analysts predict that the increased optimism will likely continue to buoy the Moroccan market in the coming weeks.
SABIC, Saudi Arabia's leading petrochemicals company, reported a 6.25% surge in Q2 profits, exceeding analyst forecasts. This result was attributed to the company's improved operational efficiency and higher demand for its products.
The South African rand strengthened against the US dollar following the central bank's announcement to maintain interest rates unchanged. This move was widely expected by economists and analysts, who predicted that it would help stabilize the currency.
The African market is expected to remain cautious ahead of the August inflation data release, with investors closely monitoring the impact of rising prices on economic growth and consumer spending. A high inflation rate could indicate that interest rates may need to be adjusted, which could further impact market performance.