Marketwatch: Egypt bourse ends Wednesday in red

Ahram Online , Wednesday 17 Jan 2024

The Egyptian Exchange (EGX) indices ended Wednesday in the red territory and the market cap lost EGP 5 billion.

EGX trading bell
EGX trading bell

 

Gold prices declined after reaching a historic high yesterday and the USD parallel market value was slightly lower.

Stock market
 

The EGX30 index declined by 0.67 percent, settling at 26,758 points.

The EGX70 index decreased by 0.65 percent, ending at nearly 6,259 points, and the EGX100 index shed 0.60 percent, closing at 8,902 points.

Market cap declined by around EGP 5 billion to end at EGP 1,876 billion.

Egyptian Financial & Industrial was the best performer in the market on Wednesday, jumping 11.27 percent to end at EGP 70.18.

The worst performer today was Arab Moltaka Investments Co., which dropped 6.40 percent to close at EGP 2.34.

Currencies
 

In the parallel market, the USD inched lower to nearly EGP 58.75 on Wednesday, compared to EGP 58.92  yesterday.

The official EGP/USD exchange rate remained at EGP 30.8272 for buying and EGP 30.9586 for selling.

The euro is valued at EGP 33.5307 for purchase and EGP 33.6798 for sale.

The Saudi riyal is priced at EGP 8.2188 for buying and EGP 8.255 for selling.

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

Gold purchase prices
 

The purchase price of 24-carat gold declined by EGP 51 to reach EGP 3,863 per gram on Wednesday.

The 21-carat gold price decreased by EGP 45 to hit EGP 3,380 per gram, and the 18-carat gold price lost EGP 39 of its value, recording EGP 2,897 per gram.

Similarly, the gold pound reached EGP 27,040 for purchase, EGP 360 lower than yesterday.

*Prices reflect updates recorded as of midday.
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