Market watch: Egypt bourse ends in red on Tuesday; gold prices set new records

Ahram Online , Tuesday 26 Dec 2023

The Egyptian Exchange (EGX) indices shrugged off some of their gains on Tuesday. However, gold prices are making history, as the gold pound coin gained more than EGP 1,000 in one day, reaching a record level of EGP 26,080.

Egypt bourse. AFP
Egypt bourse. AFP

 

Stock market
 

The EGX30 index declined by 0.96 percent, settling at 23,994 points.

The EGX70 index inched lower by 0.07 percent, ending at 5,344 points; the EGX100 index decreased by 0.34 percent, closing at 7,665 points.  

The market capitalization lost EGP 8 billion, ending at around EGP 1,656 billion.

Copper for Commerical Investment was the biggest winner in the market. The stock soared 17 percent to close at EGP 0.4 per share.

However, the worst performer in the market today was Abu Dhabi Islamic Bank Egypt. The stock fell 5 percent to EGP 38 per share.

Gold purchase prices
 

The purchase price of 24-carat gold surged by EGP 149 EGP 3,726 per gram on Tuesday, compared to Monday’s prices.

The 21-carat gold price soared EGP 130 to reach EGP 3,260 per gram, and the 18-carat gold price jumped EGP 111 to EGP 2,794 per gram.

The price of the gold pound increased by EGP 1,040 in a single day, hitting EGP 26,080 for purchase.

*Prices reflect updates recorded as of midday.

Currencies
 

The official EGP/USD exchange rate remains stable at EGP 30.8277 for buying and EGP 30.9586 for selling.

The euro is valued at EGP 33.9475 for purchase and EGP 34.0947 for sale.

The Saudi riyal is priced at EGP 8.2183 for buying and EGP 8.2541 for selling.

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

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