Market watch: Egypt's stock market surges past 19,200 points in main index

Muhammed Khalid , Wednesday 6 Sep 2023

The Egyptian Exchange's (EGX) main index is still breaking records on a daily basis.

EGX trading hall. Ahram Gate.
EGX trading hall. Ahram Gate.


The index reached a new high 19,224.52 points on Wednesday. Gold prices declined, settling not far from the average levels in nearly a month, however.

"The Egyptian Exchange broke its historic ceiling at 18,400 points last week after a few unsuccessful attempts. The market attracted new investments especially from foreigners, albeit at a slow pace," Mohamed Hassan, investment funds director at Odin Investments, told Ahram Online.

"There is still untapped potential in the market, which has one of the lowest average stock prices in the emerging markets. A new devaluation of the pound will make the market more attractive," Hassan added.

He expected the market to reach the 20,000-point target in the next few days and break it to new highs, which would be accelerated by positive economic updates.

Meanwhile, the EGX70 index declined by 0.97 percent to end at 3,807.15 points.

The EGX100 inched down 0.61 percent, closing at 5,584.7 percent.

The market capitalization added EGP 3 billion, recording more than EGP 1,290 billion.

The biggest gainer for the day was Arabian Cement Company. The stock jumped 5.97 percent to close at EGP 7.81 per share.

The greatest loser was Elsaeed Contracting & Real Estate Investment Company. The stock fell 7.42 percent to close at EGP 0.66 per share.

Gold prices

A gram of 24-karat gold stood at EGP 2,502.75 for purchase on Wednesday, EGP 6 lower than on Tuesday.

A gram of 21-karat gold was valued at EGP 2,190 on Wednesday, EGP 5 lower on Tuesday.

The price of 18-carat gold declined by EGP 4 EGP to reach EGP 1,877.25 per gram.

The gold pound settled at EGP 17,520, an EGP 40 decrease on the day before.

*Prices reflect updates recorded as of midday.



With a buy rate of EGP 30.83 and a sell rate of EGP 30.96, the official rate between the EGP and USD remains stable.

The euro is valued at EGP 33.1 for purchases and EGP 33.25 for sales.

The Saudi riyal is priced at EGP 8.22 to buy and EGP 8.25 to sell.

*Sources: The Central Bank of Egypt's official exchange rates, the Egyptian Exchange, and agriprice.




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