Market watch: EGX loses EGP 17 bln on Tuesday; gold prices increase

Ahram Online , Tuesday 23 Jan 2024

The Egyptian Exchange's (EGX) main index dropped by 1.65 percent on Tuesday, with the market cap losing EGP 17 billion, while gold prices increased.

AI generated photo showing gold bars and stock charts. Photo: DALL E 2 by Open AI.
AI generated photo showing gold bars and stock charts. Photo: DALL E 2 by Open AI.


Gold prices reached new summits today, and the 21-carat gold surpassed EGP 3,600 per gram.

Stock market

The EGX30 index dropped 1.65 percent, settling at 27,587 points, a new all-time high.

On the other hand, the EGX70 index inched up 0.18 percent, ending at nearly 6,497 points, and the EGX100 index edged lower by 0.42 percent, closing at 9,217 points.

Market cap dropped around EGP 17 billion to end at EGP 1,963 billion.

AJWA for Food Industries Co. Egypt was the best performer in the market for the second day in a row, jumping 20 percent to end at EGP 75.85.

The worst performer on Tuesday was Orascom Development Egypt, which dropped 5.48 percent to close at EGP 12.43.

Gold purchase prices

The purchase price of 24-carat gold surged EGP 103 to reach EGP 4,200 per gram on Tuesday, compared to Monday's prices.

The 21-carat gold price rose by EGP 90 to hit EGP 3,675 per gram, and the 18-carat gold price grew by EGP 77, recording EGP 3,150 per gram.

The gold pound reached EGP 29,400 for purchase, EGP 720 higher than on Monday.

*Prices reflect updates recorded as of midday.


The official EGP/USD exchange rate remained at EGP 30.83 for buying and EGP 30.9586 for selling.

The euro is valued at EGP 33.4999 for purchase and EGP 33.6458 for sale.

The Saudi riyal is priced at EGP 8.2195 for buying and EGP 8.2550 for selling.

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

Short link: