Market watch: EGX indices plunge on Sunday; TAQA Arabia balloons by 83.5%

Ahram Online , Sunday 9 Jul 2023

The Egyptian Exchange's indices (EGX) sharply declined on Sunday, following the listing of local energy giant TAQA Arabia, whose stock value surged by 83.591 percent in the first session. Meanwhile, gold exhibited marginal signs of recovery.

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


The EGX canceled all transactions on TAQA Arabia, except for a single block trading deal of 4.5 million shares valued at EGP 3.6 billion ($117 million).

On Sunday, TAQA Arabia, a subsidiary of Qalaa Holdings based in Cairo, began trading on the EGX. The bourse's chairman and top company officials marked the occasion with a bell-ringing ceremony.

Stock market


Ending at 16,555.12 points, the EGX30 index dropped by 3.2 percent.

Closing at 3,234.35 points, the EGX70 index dropped by 6.9 percent.

The EGX100 index plunged by 6.4 percent, reaching 4,818.04 points.

The market capitalization increased by EGP 528 billion, reaching EGP 1.66 trillion.

TAQA Arabia was the top gainer, surging by approximately 83.591 percent to EGP 418.455.

Belton Financial Holding was the top loser, dropping by 19.86 percent and closing at EGP 3.35.

Gold prices


The price of 24-carat gold slightly increased to EGP 2,474.25 per gram.

The price of 21-carat gold rose slightly to EGP 2,165 per gram.

The price of 18-carat gold per gram marginally increased to EGP 1,855.75.

The price of the gold pound rebounded by EGP 40 from its previous losses to reach EGP 17,320.

*Prices reflect updates recorded as of midday.



The official exchange rate for the dollar remained relatively stable, with a purchase rate of EGP 30.83 and a sale rate of EGP 30.96.

The euro was priced at EGP 33.57 for buying and EGP 33.71 for selling.

The buying price of the Saudi riyal was EGP 8.22, and the selling price was EGP 8.25.


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

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