Market watch: Hamas-Israel war may keep EGX on red this week, says analyst

Muhammed Khalid , Sunday 8 Oct 2023

The Egyptian Exchange (EGX) started the week in the red, influenced by the ongoing fighting between Israel and the Palestinian fighters that began Saturday.

EGX trading hall.
EGX trading hall. Ahram Gate.

“The rising conflict in Palestine had a negative impact on all stock markets in the region, as geopolitical tension rises,” financial market analyst Mahmoud Atta told Ahram Online.

“The main index, EGX30, alone has declined by more than 500 points. All indices in the market are expected to continue their negative performance this week,” Atta added.


Stock market

The benchmark index EGX30 dropped 2.6 percent, reaching 19,357.42 points.

On the other hand, the EGX70 index plunged 4.08 percent to end at 3,583.08 points, and the EGX100 tumbled 3.71 percent, closing at 5,340.71 points.

Since the last session on Wednesday, the market capitalization lost EGP 31 billion, reaching more than EGP 1.322 billion.

The biggest gainer for the day was Delta for Printing & Packaging whose stock jumped about 20 percent to end at EGP 32.95 per share.

Acrow Misr was the biggest loser for the day as its stock fell 12.71 percent to close at EGP 32.35 per share.


Gold prices

A gram of 24-karat gold stood at EGP 2,468 for purchase on Sunday, while a gram of 21-karat gold was valued at EGP 2,165.

The price of 18-carat gold reached EGP 1,873 per gram.

The gold pound, on the other hand, settled at EGP 17,480.

*Prices reflect updates recorded as of midday.



With a buy rate of EGP 30.83 and a sell rate of EGP 30.96, the official rate between the EGP and USD remains stable.

The euro is valued at EGP 32.63 for purchasing and EGP 32.78 for selling, while the Saudi riyal is priced at EGP 8.22 for buying and EGP 8.25 for selling.

*Sources: The Central Bank of Egypt's official exchange rates.

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