Market watch: Egyptian stocks vary in performance on Wednesday; Gold inches higher

Ahram Online , Wednesday 26 Jul 2023

The Egyptian Exchange (EGX) indices saw varied performance on Wednesday, with two indices jumping while the benchmark slipped. The market announced the discontinuation of EGX50 after eight years of trading. Gold prices increased marginally.

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 leading index EGX30 inched lower by 0.48 percent to end at 17,396.24 points.

The EGX70 index rose 1.8 percent to close at 3,457.83 points. 

EGX100 increased by 1.25 percent to close at 5,114.6 points.

Market capitalization decreased by nearly EGP 2 billion on Wednesday to a total of EGP 1,170 billion.

Top gainer was ODIN Investments surged 460 percent to close at EGP 1.4 per share. The EGX resumed trading on ODIN's shares today after the company increased its capital as a result of a merger.

Top loser was Belton Financial Holding after falling 19.51 percent to close at nearly EGP 3 per share.

Gold prices

The price of 24-carat gold rose by about EGP 6 to EGP 2,457.25 per gram. 

21-carat gold increased by EGP 5 to EGP 2,150 per gram.

18-carat gold was up by EGP 4, standing at EGP 1,842.75 per gram.

The gold pound price rose by EGP 40 to EGP 17,200.

*Prices reflect updates recorded as of midday.

Currencies

The official dollar exchange rate was stable, with a buy rate of EGP 30.83 and a sell rate of EGP 30.96.

The euro was bought at EGP 34.05 and sold at EGP 34.20. 

The Saudi riyal was priced at EGP 8.22 to buy and EGP 8.25 to sell. 

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

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