Market watch: Egypt bourse's main index jumps nearly 1000 points on Tuesday

Muhammed Khalid , Tuesday 17 Oct 2023

The Egyptian Exchange (EGX) continued its unprecedented performance on Tuesday with the benchmark surging by nearly 1,000 points, reaching a new all-time-high above 22,000 points.

EGX trading hall.
EGX trading hall. Ahram Gate.

 

"The market is attracting new investments, especially in the petrochemicals sectors, which is reportedly eyed for acquisition by Arab and foreign investors," Trader Manager at Universal Brokerage Mohamed Atta told Ahram Online.

"The main index, EGX30, will achieve even higher levels during the fourth quarter of 2024, supported by purchases from Arab, foreigners, and Egyptian institutions," Atta expected.

On Tuesday, the benchmark EGX30 index jumped by 4.95 percent to settle at 22,073.95 points.

The EGX70 index rose by 1.66 percent to end at 3,871.07 points.

The EGX100 increased by 2.97 percent to close at 5,949.99 points.

The market capitalization gained nearly EGP 59 billion, recording more than EGP 1,504 billion.

For the third day in a row, Misr Fertilizers Production Company (Mopco) was the biggest winner in the market, surging 16.64 percent to close at EGP 616 per share.

The greatest loser was Extracted Oils company, which fell 6.46 percent to end at EGP 1.825 per share.

Gold purchase prices

The purchase price of 24-carat gold increased by nearly EGP 5.75 from Monday to reach EGP 2,657 per gram on Tuesday.

The 21-carat gold price rose by EGP 5 to hit EGP 2,325 per gram.

The 18-carat gold price went up by EGP 4.25 to EGP 1,992.75 per gram.

The price of a pound of gold reached EGP 18,600 on Tuesday, EGP 40 higher than Monday.

*Prices reflect updates recorded as of midday.

Currencies

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 32.53 for purchases and EGP 32.68 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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