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Egyptian Exchange indices surge, boosting market cap by EGP 14 billion

Published Nov 03, 2023 04:40
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The Egyptian Exchange (EGX) ended Thursday on a high note as its indices experienced notable gains. The EGX30 index rose by 0.92 percent to close at 22,639.59 points, while the EGX70 and EGX100 indices escalated by 2.49 percent and 2.12 percent, closing at 4,412.82 points and 6,581.32 points respectively.

This positive performance led to a significant increase in the market capitalization by nearly EGP 14 billion, reaching a total value of over EGP 1,535 billion. The trading turnover reached LE 2.90 billion through an exchange of 859.22 million shares.

Egyptian and Arab investors were net buyers, while foreign investors sold off LE 76.26 million worth of shares. The General Company For Land Reclamation, Development and Reconstruction emerged as the biggest winner with its stock soaring by 20 percent to close at EGP 57.67 per share.

However, not all companies shared in the day's success. Delta For Printing & Packaging (NYSE:PKG) saw a significant drop of 10.74 percent to end at EGP 41.79 per share.

In terms of commodities, gold prices fell with the purchase price of 24-carat gold reaching EGP 2,903 per gram, a reduction of EGP 34 from Wednesday's figures. The prices for the 21-carat and the 18-carat gold also declined by EGP 30 and EGP 26 respectively. The gold pound coin depreciated by EGP 240 to record a purchase price of EGP 20,560.

Currency-wise, the EGP/USD exchange rate held steady while the euro and Saudi riyal were bought at EGP 32.7822 and EGP 8.2172, and sold at EGP 32.9337 and EGP 8.2534 respectively.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Egyptian Exchange indices surge, boosting market cap by EGP 14 billion
 

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