Marketwatch: EGX indices plunge on Wednesday; market cap loses EGP 153 bln

Ahram Online , Wednesday 31 Jan 2024

The Egyptian Exchange (EGX) took a deep dive on Wednesday and the market cap lost EGP 153 billion, shrugging off historic gains on Tuesday.

The Egyptian Exchange (EGX) trading hall.
The Egyptian Exchange (EGX) trading hall.


Gold prices rebounded while the official market USD/EGP rate was stable.

Stock market

The EGX30 index dropped 6.81 percent, concluding Wednesday's session at 28,282 points, after reaching a record level of over 30,000 points on Tuesday.

Moreover, the EGX70 index plunged 8.84 percent, settling at 6,327 points, while the EGX100 index tumbled by 8.87 percent, closing at 8,985 points.

The market cap lost around EGP 153 billion compared to Tuesday’s session, reaching EGP 1,968 billion.

Development & Engineering Consultants was the best performer in the market on Wednesday, jumping 8.54 percent to end at EGP 59.75.

Today's worst performer was Electro Cable Egypt, which dropped 20 percent to close at EGP 3.52.

Gold purchase prices

The purchase price of 24-carat gold rose by EGP 58, reaching EGP 4,400 per gram on Wednesday, compared to the previous day's prices.

The price of 21-carat gold increased by EGP 50 to EGP 3,850 per gram and the 18-carat grew by EGP 43 to settle at EGP 3,300.

The gold pound coin reached a purchase price of EGP 30,800, EGP 400 higher than yesterday.

*Prices reflect updates recorded as of midday.


The official EGP/USD exchange rate remained at EGP 30.8272 for buying and EGP 30.9386 for selling.

The euro is valued at EGP 33.4136 for purchase and EGP 33.5684 for sale.

The Saudi riyal is priced at EGP 8.2201 for buying and EGP 8.2556 for selling.

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

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