Market watch: Egyptian stocks inch higher as gold prices extend decline

Ahram Online , Monday 17 Jul 2023

Gold prices resume their declining trajectory on Monday, while the Egyptian stocks inched slightly higher on Monday after a flat trading at the beginning of the week.

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.

 

Stock market

The benchmark index EGX30 increased by 0.97 percent to 17,512.01 points.

The EGX70 index added 0.57 percent to close at 3,442.45 points.

The EGX100 inched up 0.58 percent to end at 5,112.06 points.

The market capitalization rose by EGP 5 billion on Sunday to reach a total of EGP 1.176 trillion.

Belton Financial Holding surged 4.51 percent and was the top gainer on the EGX, closing at EGP 4.51 per share.

Rakta Paper Manufacturing was the market's biggest loser on Monday, dropping 7 percent  and closing at EGP 13.5.

Gold prices

24-carat gold fell to EGP 2,462.75, a decrease of EGP 23 per gram.

21-carat gold fell to EGP 2,155, a decrease of EGP 20 per gram.

18-carat gold dropped to EGP 1,847.25, a decrease of EGP 17 per gram.

The price of the gold pound fell by EGP 160 to EGP 17,240.

*Prices reflect updates recorded as of midday.

Currencies

The official exchange rate for the dollar was stable at a purchase rate of EGP 30.83 and a sale rate of EGP 30.96.

The euro slightly incrased to a purchasing rate of EGP 33.61 and to EGP 34.77 for selling.

The Saudi riyal was priced at EGP 8.22 for buying and EGP 8.25 for selling.

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

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