Egypt’s stock market hits new high, gold recovers

The flagship EGX30 index grew by 0.54 percent

The Egyptian stock market recorded a new high

Published: Thu 17 Aug 2023, 5:09 PM

The Egyptian stock market saw an impressive surge on Wednesday, with the main index of the Egyptian Exchange (EGX) reaching a new high.

Meanwhile, the gold market improved, rebounding from its losses over the past two days.

Stock market performance

EGX30, the leading index in the Egyptian bourse, recorded a 0.54 percent growth to end at 18,062.5 points. This increase is the highest it achieved in the last three years. This added around $150 mn (EGP4.64 bn) to market capitalization on the back of Arab and foreign purchases.

Meanwhile, the trading volume reached 878.46 mn shares, traded through 85,772 transactions, with a turnover of EGP2.59 bn ($84 mn). Egyptian investors were net sellers at EGP185.7 mn ($6 mn), while Arab and foreign investors were net buyers at EGP25.1 mn ($809,000), and EGP160.61 mn ($5.1), respectively.

Conversely, the EGX70 index recorded a minimal decline. It decreased by 0.38 percent, closing at 3,625.25 points. The EGX100 index also experienced a marginal setback. It slipped by 0.06 percent to end at 5,364.33 points.

Juhayna Food Industries was the frontrunner for the second consecutive day. The Egyptian food manufacturer saw an increase of 20 percent to settle at EGP 17.04 per share. On the other hand, Belton Financial Holding was the top loser, slipping by 6.32 percent to close at EGP 3.41 per share.

Read: Egypt to auction T-bills valued 600 mn euros

Gold market rebounds

As the Egyptian Exchange achieved a new high, the domestic gold market also displayed notable recovery. The price of 24-carat gold soared by EGP 40 to reach EGP 2,525.75 per gram.

Following the same upward trend, the price of 21-carat gold recorded an increase of EGP 35, closing at EGP 2,210 per gram. The 18-carat gold price closed at EGP 1,894.25 per gram. This figure is EGP 30 higher than Tuesday.

Similarly, the value of a pound of gold reached EGP 17,680, marking an increase worth EGP 180 from the previous day. Prices are reflective of midday updates.

Currency movements

Currency markets also displayed stability during this period. The official exchange rate for the US dollar remained stable, with a buy rate of EGP 30.83 and a sell rate of EGP 30.96. Meanwhile, the euro was purchased at EGP 33.65 and sold at EGP 33.80. The Saudi riyal was valued at EGP 8.22 for buying and EGP 8.25 for selling.

In related news, Egypt has recently introduced new measures to improve its inflow of foreign currencies. Egyptians abroad can now set up pension funds with a minimum payment of $500. On the other hand, expatriates who want to settle their delinquent military status can do so by paying either $5,000 or 5,000 euros.

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