Smaller companies are appreciating much faster than the largest constituents, allowing overall market value to rise even when the benchmark retreats. The divergence extends a broader rotation towards smaller companies after an earlier rally in large-cap shares. Large advances in selected smaller companies can have a substantial effect on equal-weighted indices even when market breadth is more balanced. EGP4tn Market Value Raises the Stakes for ReformThe increase in listed market capitalisation above EGP4tn marks a significant expansion in the nominal size of Egypt’s equity market. The challenge is therefore shifting from increasing headline market value towards building a broader institutional market with larger free floats, more issuers and a wider range of investable instruments.