Breaking News
Get 40% Off 0
👀 Reveal Warren Buffett's stock picks that are beating the S&P 500 by +174.3% Get 40% Off

Egypt's EGX30 hits record high as Misr Hotels leads gains

Published Nov 20, 2023 05:26
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters.
 
EGX30
+5.11%
Add to/Remove from a Portfolio
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
MHOT
+1.96%
Add to/Remove from a Portfolio
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 

CAIRO - Egypt's stock market witnessed a day of historic gains with the benchmark EGX30 index reaching nearly 24,900 points, marking a significant milestone. This surge reflects a 2.12% increase from the previous session, underscoring the bullish sentiment prevailing in the market.

The broader indices also shared in the upward trend, with the EGX70 and EGX100 climbing to approximately 4,910 and over 7,200 points respectively. The overall market capitalization experienced robust growth, now standing at an impressive 1.6 trillion Egyptian pounds after adding 32 billion pounds since Thursday.

Driving the rally was Misr Hotels, which saw its shares skyrocket by 20%, closing at 230 Egyptian pounds and 44 piasters. This marked the third consecutive session of gains for the company. Other stocks that saw notable increases included Delta Sugar, up by 15%, and Pyramisa Hotels, which grew by 13%.

On the trading floor, activity was brisk with over 1.5 billion shares exchanged, generating a turnover close to 3.8 billion pounds. Egyptian investors were at the forefront of buying activities, pouring in over 125 million pounds. Foreign entities also contributed to the buying momentum with nearly 10 million pounds in investments. However, Arab investors took a step back, selling assets worth over 135 million pounds.

Despite the overall market uptrend, some companies experienced declines. Grand Investment Capital faced a steep sell-off with its stock price falling by 7.78% to seven Egyptian pounds and seventy-one piasters. El-Nile Co and Egyptian Iron & Steel also recorded losses during this trading day.

In other financial news, gold prices in Egypt showed considerable strength with premium twenty-four carat gold reaching 3,109 Egyptian pounds per gram. The national gold pound coin's value also saw a notable increase by 160 Egyptian pounds.

Currency rates remained stable with the exchange rate between the Egyptian pound and US dollar holding steady at buy/sell rates of 30.8306/30.9586 Egyptian pounds. The Euro traded at buy/sell rates of 33.6269/33.7789 Egyptian pounds while the Saudi riyal was quoted at buy/sell rates of 8.2206/8.2552 Egyptian pounds for transactions.

This remarkable performance of Egypt's stock market is indicative of investor confidence and suggests a positive outlook for the country's financial future.

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

Egypt's EGX30 hits record high as Misr Hotels leads gains
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email