EGX Concludes Week's First Session with Collective Gains ... Market Cap Gains EGP 16.9 Bln
The Egyptian Stock Exchange (EGX) wrapped up its first trading session of the week with broad-based gains, propelled by strong buying activity from both domestic and foreign investors.
The market cap saw an impressive rise of EGP 16.9 billion, closing the day at a total of EGP 2.409 trillion.
The benchmark index "EGX30" ended the session up by 0.74%, reaching 34,071 points. This positive movement was a clear indication of investor confidence in the market, reflecting an optimistic outlook despite global economic uncertainties.
In tandem with the main index "EGX70", which tracks the performance of smaller and mid-sized stocks, surged by 1.68%, closing at 10,298.03 points.
The EGX100, which represents a broader spectrum of listed stocks, also gained by 1.5%, settling at 13,937.27 points.
The collective growth in indices today is attributed to favorable market conditions, alongside active participation from institutional investors and foreign traders. As the Egyptian economy continues to recover from various challenges, the positive momentum in the stock market indicates a promising outlook for the coming weeks.
Experts remain optimistic about the stability and growth prospects of the Egyptian market, particularly with the recent fiscal reforms and economic policies aimed at enhancing investor confidence and boosting economic performance.
As we head into the rest of the week, all eyes will be on global economic developments and their potential impact on the local market. However, the solid performance on this first session sets a positive tone for investors looking to capitalize on the opportunities presented by the Egyptian stock exchange.
read more
CBE: Deposits in Local Currency Hit EGP 5.25 Trillion
Morocco Plans to Spend $1 Billion to Mitigate Drought Effect
Gov't Approves Final Version of State Ownership Policy Document
Egypt's Economy Expected to Grow 5% by the end of 2022/23- Minister
Qatar Agrees to Supply Germany with LNG for 15 Years
Business
Oil Prices Descend amid Anticipation of Additional US Strategic Petroleum Reserves
Business
Suez Canal Records $704 Million, Historically Highest Monthly Revenue
Business
Egypt's Stock Exchange Earns EGP 4.9 Billion on Tuesday
Business
Wheat delivery season commences on April 15
News
Israeli-Linked Hadassah Clinic in Moscow Treats Wounded Iranian IRGC Fighters
News
China Launches Largest Ever Aircraft Carrier
Arts & Culture
"Jurassic World Rebirth" Gets Streaming Date
Sports
Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer
Videos & Features
Tragedy Overshadows MC Alger Championship Celebration: One Fan Dead, 11 Injured After Stadium Fall
Lifestyle
Get to Know 2025 Eid Al Adha Prayer Times in Egypt
Arts & Culture
South Korean Actress Kang Seo-ha Dies at 31 after Cancer Battle
News
"Tensions Escalate: Iran Probes Allegations of Indian Tech Collaboration with Israeli Intelligence"
Sports
Get to Know 2025 WWE Evolution Results
News
Flights suspended at Port Sudan Airport after Drone Attacks
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
See - Sada Elbalad
an hour ago
- See - Sada Elbalad
Lithuania Pledges €30 Mln for Patriot Missile Systems for Ukraine
Israa Farhan Lithuania has committed €30 million towards the procurement of US-made Patriot air defense systems for Ukraine, marking a significant contribution to Western-led efforts to strengthen Kyiv's defense capabilities against ongoing Russian aggression. The announcement was made by Lithuanian Defense Minister Dovile Sakaliene following a high-level meeting in which defense chiefs from the Baltic states convened with US Secretary of Defense Pete Hegseth. The funds will support a joint initiative to acquire advanced anti-aircraft missile systems from the United States. The pledge signals alignment with US President Donald Trump's position that further weapons deliveries to Ukraine will be contingent on European nations financing such efforts. The Patriot missile systems, known for their high-precision interception capabilities, are expected to enhance Ukraine's ability to counter aerial threats, including missile and drone attacks. Under the initiative, NATO will oversee the coordination of logistics and delivery. The United States has confirmed plans to transfer 17 Patriot units as part of this multinational defense effort. read more Gold prices rise, 21 Karat at EGP 3685 NATO's Role in Israeli-Palestinian Conflict US Expresses 'Strong Opposition' to New Turkish Military Operation in Syria Shoukry Meets Director-General of FAO Lavrov: confrontation bet. nuclear powers must be avoided News Iran Summons French Ambassador over Foreign Minister Remarks News Aboul Gheit Condemns Israeli Escalation in West Bank News Greek PM: Athens Plays Key Role in Improving Energy Security in Region News One Person Injured in Explosion at Ukrainian Embassy in Madrid News Israeli-Linked Hadassah Clinic in Moscow Treats Wounded Iranian IRGC Fighters Arts & Culture "Jurassic World Rebirth" Gets Streaming Date News China Launches Largest Ever Aircraft Carrier Videos & Features Tragedy Overshadows MC Alger Championship Celebration: One Fan Dead, 11 Injured After Stadium Fall Lifestyle Get to Know 2025 Eid Al Adha Prayer Times in Egypt Arts & Culture South Korean Actress Kang Seo-ha Dies at 31 after Cancer Battle Business Egyptian Pound Undervalued by 30%, Says Goldman Sachs Sports Get to Know 2025 WWE Evolution Results News "Tensions Escalate: Iran Probes Allegations of Indian Tech Collaboration with Israeli Intelligence" Arts & Culture Hawass Foundation Launches 1st Course to Teach Ancient Egyptian Language
See - Sada Elbalad
an hour ago
- See - Sada Elbalad
Gold Stumbles Against the Dollar… Another Decline Ahead of the U.S. Federal Reserve Meeting
Waleed Farouk Gold prices in the local market recorded a slight decline today, Saturday, during trading, coinciding with the weekend closure of the global exchange, following a marginal 0.4% drop in the international ounce price during the week. This decline came on the back of strong economic data released from the United States, in addition to progress made in trade negotiations between Washington and its partners, which reduced the demand for the precious metal as a safe haven. Gold prices fell by about EGP 15 during today's trading session compared to the close of yesterday's trading, with the price of 21-carat gold reaching the level of EGP 4,620 per gram, while the ounce price on the global exchange declined by about $13 to record $3,337 during the week ending last Friday evening. The price of 24-carat gold reached EGP 5,280, 18-carat gold was recorded at EGP 3,960, 14-carat gold reached EGP 3,080, while the price of the gold pound coin amounted to about EGP 36,960. Prices had ended yesterday's trading session, Friday, with a local decline of EGP 25, as the price of 21-carat gold opened at EGP 4,660 and closed at EGP 4,635, while the ounce price dropped from $3,371 to $3,337. Gold came under selling pressure following the release of strong U.S. labor data, along with progress in trade talks between the United States and the European Union, which was reflected in investor behavior. In addition, the recovery of the U.S. dollar—despite declining Treasury yields—supported this trend, making the metal more expensive for foreign buyers. Economic data released from the United States and the progress made in trade agreements with it affected safe-haven demand, which pushed the yellow metal lower. Furthermore, the U.S. dollar regained some of its strength despite the decline in U.S. Treasury yields. The U.S. Federal Reserve is expected to keep interest rates unchanged at the range of 4.25%–4.50% for the fifth time this year during next week's meeting. Data released throughout the month justified the Fed's stance of maintaining its current policy, after initial jobless claims declined for the fourth consecutive week, highlighting the strength of the labor market. Meanwhile, durable goods orders fell on Friday, driven by a decrease in aircraft orders. Positive trade news emerged since Monday after an agreement between the United States and Japan was announced. Reports of a possible similar deal with the European Union before the August 1 deadline pushed the non-yielding yellow metal below $3,400 per ounce, nearing its weekly low of $3,325 per ounce. In U.S. trade developments, President Donald Trump announced that most trade deals have been finalized, and upcoming statements are expected to determine tariff rates ranging between 10% and 15%. When asked about the possibility of reaching an agreement with the European Union, Trump stated that there is an 'equal' chance of reaching a deal. Gold prices also declined as the U.S. dollar rebounded from its nearly two-week low, making gold more expensive for foreign buyers. Recent news revealed that Trump's visit to the Federal Reserve was not a market-moving event, although it appears he has changed his stance toward Powell. Gold prices fell despite the decline in U.S. Treasury yields, as the 10-year Treasury yield dropped by three basis points to reach 4.386%. As a result, U.S. real yields—which are calculated by subtracting inflation expectations from nominal interest rates—fell by 1.5 basis points to reach 1.936%. On Thursday, better-than-expected initial jobless claims indicated continued labor market strength, even as S&P Global announced a contraction in manufacturing activity. U.S. durable goods orders fell in June, mainly driven by a sharp drop in aircraft demand. Headline orders decreased by 9.6% month-over-month after a 16.5% increase in May. Although the decline was significant, it was smaller than analysts' expectations of a -10.8% contraction. Transportation equipment led the drop, falling by 22.4% in June. However, core durable goods orders—which exclude transportation—rose by 0.2%, indicating some underlying strength in business investment. Interest rate probabilities suggest that the Federal Reserve will maintain current rates, with a 96% chance of no change and a 4% chance of a 25-basis-point cut in the July 30 meeting. Next week's U.S. economic agenda includes the Federal Reserve's interest rate decision on July 30, preliminary second-quarter GDP figures, the release of the Core PCE Price Index, and non-farm payroll data. read more CBE: Deposits in Local Currency Hit EGP 5.25 Trillion Morocco Plans to Spend $1 Billion to Mitigate Drought Effect Gov't Approves Final Version of State Ownership Policy Document Egypt's Economy Expected to Grow 5% by the end of 2022/23- Minister Qatar Agrees to Supply Germany with LNG for 15 Years Business Oil Prices Descend amid Anticipation of Additional US Strategic Petroleum Reserves Business Suez Canal Records $704 Million, Historically Highest Monthly Revenue Business Egypt's Stock Exchange Earns EGP 4.9 Billion on Tuesday Business Wheat delivery season commences on April 15 News Israeli-Linked Hadassah Clinic in Moscow Treats Wounded Iranian IRGC Fighters Arts & Culture "Jurassic World Rebirth" Gets Streaming Date News China Launches Largest Ever Aircraft Carrier Videos & Features Tragedy Overshadows MC Alger Championship Celebration: One Fan Dead, 11 Injured After Stadium Fall Lifestyle Get to Know 2025 Eid Al Adha Prayer Times in Egypt Arts & Culture South Korean Actress Kang Seo-ha Dies at 31 after Cancer Battle Business Egyptian Pound Undervalued by 30%, Says Goldman Sachs Sports Get to Know 2025 WWE Evolution Results News "Tensions Escalate: Iran Probes Allegations of Indian Tech Collaboration with Israeli Intelligence" Arts & Culture Hawass Foundation Launches 1st Course to Teach Ancient Egyptian Language
See - Sada Elbalad
2 hours ago
- See - Sada Elbalad
India Pledges $565M to Maldives
Israa Farhan India has announced a $565 million financial support package for the Maldives, aiming to enhance defense capabilities and invest in large-scale infrastructure projects. The commitment was made during Indian Prime Minister Narendra Modi's two-day official visit to the Maldives, his first since securing a third term in office. The funding includes a new line of credit designed to strengthen Maldivian security forces and address critical infrastructure needs, including healthcare, housing, and education. The announcement comes at a time of financial strain in the Maldives, with the island nation facing a shortage of foreign currency despite continued growth in its tourism sector. India also agreed to reduce annual repayments on a previous $51 million loan to \$29 million. The two sides held discussions on a potential free trade agreement, reflecting a wider effort to deepen economic and strategic ties. Modi's visit follows rising concern in New Delhi over the Maldives' closer alignment with China since the election of President Mohamed Muizzu in 2023. The new administration had previously ordered the withdrawal of a small Indian military contingent operating a rescue aircraft in the archipelago. However, diplomatic relations between the two countries appear to have stabilized in recent months, with both sides emphasizing cooperation in security and trade. During the visit, Modi inaugurated the new headquarters of the Maldivian Ministry of Defense and launched several Indian-funded infrastructure projects. These included major road developments and a housing initiative to construct 4,000 residential units, part of India's broader investment push in the region. read more Gold prices rise, 21 Karat at EGP 3685 NATO's Role in Israeli-Palestinian Conflict US Expresses 'Strong Opposition' to New Turkish Military Operation in Syria Shoukry Meets Director-General of FAO Lavrov: confrontation bet. nuclear powers must be avoided News Iran Summons French Ambassador over Foreign Minister Remarks News Aboul Gheit Condemns Israeli Escalation in West Bank News Greek PM: Athens Plays Key Role in Improving Energy Security in Region News One Person Injured in Explosion at Ukrainian Embassy in Madrid News Israeli-Linked Hadassah Clinic in Moscow Treats Wounded Iranian IRGC Fighters Arts & Culture "Jurassic World Rebirth" Gets Streaming Date News China Launches Largest Ever Aircraft Carrier Videos & Features Tragedy Overshadows MC Alger Championship Celebration: One Fan Dead, 11 Injured After Stadium Fall Lifestyle Get to Know 2025 Eid Al Adha Prayer Times in Egypt Arts & Culture South Korean Actress Kang Seo-ha Dies at 31 after Cancer Battle Business Egyptian Pound Undervalued by 30%, Says Goldman Sachs Sports Get to Know 2025 WWE Evolution Results News "Tensions Escalate: Iran Probes Allegations of Indian Tech Collaboration with Israeli Intelligence" Arts & Culture Hawass Foundation Launches 1st Course to Teach Ancient Egyptian Language
