File Photo: The Egyptian Exchange (EGX). Al-Ahram
The market capital gained nearly EGP 79 billion, registering EGP 2.158 trillion.
The EGX 30 benchmark index, which tracks the performance of the 30 most liquid stocks traded on the Egyptian Exchange, jumped up 4.16 percent, recording 31,945.89 points.
The broader EGX 70 EWI of the leading small and medium enterprises (SMEs) increased 0.66 percent, hitting 7,504.86 points.
The all-embracing EGX 100 index was also up by one percent, closing at 10,640.1 points.
Earlier on Wednesday, the CBE’s overnight deposit rate, the overnight lending rate, and the rate of the main operation were raised by 600 basis points to 27.25 percent, 28.25 percent, and 27.75 percent, respectively.
The discount rate was also raised by 600 basis points to 27.75 percent, said the CBE statement.
The CBE decided on Wednesday morning to allow market forces to determine the value of the Egyptian pound (EGP) as part of its commitment to transition to a flexible exchange rate regime targeting inflation.
Consequently, the Egyptian pound experienced a significant drop against the dollar, declining by 62 percent from EGP 30.9 to approximately EGP 50.1 against the US dollar.
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