The EGX30 hit a fresh high (again) ahead of the expected devaluation: The value of the EGX30 index is continuing to reach new heights as investors pile into alternatives to LCY cash deposits in response to the prolonged currency uncertainty fuelled by widespread anticipation of another devaluation in the coming weeks. The benchmark index climbed 2.1% yesterday to close just shy of 25k, continuing an unprecedented bull run in Egyptian stocks which received a further boost in recent weeks by CBE measures to curb FX use and the war in Gaza.

Gold prices are also continuing to march upward: The price of 24-carat gold has now climbed above EGP 3,100 per gram after surpassing the EGP 3k mark for the first time ever a week ago. Gold prices have soared 63% since the beginning of the year.

EGX30

24,900

+2.1% (YTD: +70.6%)

USD (CBE)

Buy 30.83

Sell 30.96

USD at CIB

Buy 30.85

Sell 30.95

Interest rates CBE

19.25% deposit

20.25% lending

Tadawul

11,137

+0.5% (YTD: +6.3%)

ADX

9,575

-0.3% (YTD: -6.2%)

DFM

3,995

+0.3% (YTD: +19.7%)

S&P 500

4,514

+0.1% (YTD: +17.6%)

FTSE 100

7,504

+1.3% (YTD: +0.7%)

Euro Stoxx 50

4,341

+0.9% (YTD: +14.4%)

Brent crude

USD 80.61

+4.1%

Natural gas (Nymex)

USD 2.96

-3.3%

Gold

USD 1,984.70

-0.1%

BTC

USD 37,030.07

+1.3% (YTD: +123.7%)

THE CLOSING BELL-

The EGX30 rose 2.1% at yesterday’s close on turnover of EGP 3.2 bn (20.4% above the 90-day average). Regional investors were net sellers. The index is up 70.6% YTD.

In the green: CIRA Education (+11.1%), Sidpec (+6.8%) and Mopco (+5.7%).

In the red: Palm Hills Development (-2.4%), GB Corp (-1.7%) and Madinet Masr (-1.6%).

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