{"id":610417,"date":"2023-11-20T00:00:00","date_gmt":"2023-11-20T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/11\/20\/another-day-another-record-high-on-the-egx\/"},"modified":"2023-11-20T00:00:00","modified_gmt":"2023-11-20T00:00:00","slug":"another-day-another-record-high-on-the-egx","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/11\/20\/another-day-another-record-high-on-the-egx\/","title":{"rendered":"Another day, another record high on the EGX"},"content":{"rendered":"

The EGX30 hit a fresh high (again) ahead of the expected devaluation:<\/strong> The value of the EGX30 index is continuing to reach new heights as investors pile into alternatives to LCY cash deposits<\/a> 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. <\/p>\n

Gold prices are also continuing to march upward:<\/strong> The price of 24-carat gold has now climbed above EGP 3,100 per gram<\/a> 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.<\/p>\n

<\/a><\/a> <\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

<\/use><\/svg><\/p>\n<\/td>\n\n

EGX30 <\/strong><\/p>\n<\/td>\n

\n

24,900<\/p>\n<\/td>\n

\n

+2.1% (YTD: +70.6%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

USD (CBE)<\/strong><\/p>\n<\/td>\n

\n

Buy 30.83<\/p>\n<\/td>\n

\n

Sell 30.96<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

USD at CIB<\/strong><\/p>\n<\/td>\n

\n

Buy 30.85<\/p>\n<\/td>\n

\n

Sell 30.95<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Interest rates CBE<\/strong><\/p>\n<\/td>\n

\n

19.25% deposit<\/p>\n<\/td>\n

\n

20.25% lending<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Tadawul<\/strong><\/p>\n<\/td>\n

\n

11,137<\/p>\n<\/td>\n

\n

+0.5% (YTD: +6.3%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

ADX<\/strong><\/p>\n<\/td>\n

\n

9,575<\/p>\n<\/td>\n

\n

-0.3% (YTD: -6.2%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

DFM<\/strong><\/p>\n<\/td>\n

\n

3,995<\/p>\n<\/td>\n

\n

+0.3% (YTD: +19.7%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

S&P 500<\/strong><\/p>\n<\/td>\n

\n

4,514<\/p>\n<\/td>\n

\n

+0.1% (YTD: +17.6%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

FTSE 100<\/strong><\/p>\n<\/td>\n

\n

7,504<\/p>\n<\/td>\n

\n

+1.3% (YTD: +0.7%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Euro Stoxx 50<\/strong><\/p>\n<\/td>\n

\n

4,341<\/p>\n<\/td>\n

\n

+0.9% (YTD: +14.4%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Brent crude<\/strong><\/p>\n<\/td>\n

\n

USD 80.61<\/p>\n<\/td>\n

\n

+4.1%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Natural gas <\/strong>(Nymex)<\/p>\n<\/td>\n

\n

USD 2.96<\/p>\n<\/td>\n

\n

-3.3%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Gold<\/strong><\/p>\n<\/td>\n

\n

USD 1,984.70<\/p>\n<\/td>\n

\n

-0.1%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

BTC<\/strong><\/p>\n<\/td>\n

\n

USD 37,030.07<\/p>\n<\/td>\n

\n

+1.3% (YTD: +123.7%)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n

THE CLOSING BELL-<\/strong><\/p>\n

The EGX30 rose 2.1% at yesterday\u2019s close<\/strong> 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.<\/p>\n

In the green: <\/strong>CIRA Education (+11.1%), Sidpec (+6.8%) and Mopco (+5.7%).<\/p>\n

In the red: <\/strong>Palm Hills Development (-2.4%), GB Corp (-1.7%) and Madinet Masr (-1.6%).<\/p>\n","protected":false},"excerpt":{"rendered":"

Fears about the fate of the currency have pushed investors into stocks and precious metals in record numbers<\/p>\n","protected":false},"author":1,"featured_media":610418,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7210],"tags":[68,72,119,122],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-610417","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-planet-finance","tag-egx","tag-enterpriseam","tag-financial-markets","tag-planet-finance","wpautop","entry"],"acf":{"mongo_id":"9a7c18d1-44b1-48ae-aa4b-54b5e2324ba8","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/11\/1022.jpg","photo_position":"above","homepage_title":"","full_issue_title":"EGX reaches fresh record high as currency fears mount","related_issue":[610396],"teaser":"Fears about the fate of the currency have pushed investors into stocks and precious metals in record numbers","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/11\/.6e3e523f-0933-47c0-9b63-766b090623e6.mp3"},"yoast_head":"\nAnother day, another record high on the EGX - 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Foreign investors were net sellers. The index is down -21.1% YTD.In the green: Eastern Company (+4.9%), Export Development Bank of Egypt (+4.3%) and Dice (+4.3%).In the red: Juhayna (-6.3%), Edita (-2.1%) and GB Auto\u2026","rel":"","context":"In "PLANET FINANCE"","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":544484,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/06\/stocks-slip-as-investors-fret-over-ukraine-conflict\/","url_meta":{"origin":610417,"position":2},"title":"Stocks slip as investors fret over Ukraine conflict","author":"enterpriseam admin","date":"6 March 2022","format":false,"excerpt":"US stocks continued to slip on Friday on the back of the war, with the tech-heavy Nasdaq falling 1.7% and the S&P 500 slipping 0.8% in volatile trading, the Financial Times reports. Investors flocked from equities to safe haven assets including gold and government bonds. EGX30 11,306 +1.0% (YTD: -5.4%)\u2026","rel":"","context":"In "PLANET FINANCE"","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":582115,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/02\/13\/more-ems-in-the-devaluation-zone-imf-sounds-alarm-on-rising-public-debt-in-mena\/","url_meta":{"origin":610417,"position":3},"title":"More EMs in the devaluation zone + IMF sounds alarm on rising public debt in MENA","author":"enterpriseam admin","date":"13 February 2023","format":false,"excerpt":"Will other emerging markets follow Egypt, Pakistan and Lebanon on the devaluation trail? Analysts now see Argentina, Nigeria, Malawi, Ethiopia and Bangladesh at risk of seeing their currencies tumble on the back of unsustainable debt burdens and FX shortages, Bloombergreports. \u201cAdditional devaluations in some of the fragile frontier markets are\u2026","rel":"","context":"In "PLANET FINANCE"","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":561958,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/04\/27\/what-the-markets-are-doing-on-27-april-2021\/","url_meta":{"origin":610417,"position":4},"title":"What the markets are doing on 27 April 2021","author":"enterpriseam admin","date":"27 April 2021","format":false,"excerpt":"The slow vaccine rollout in the developing world is holding back emerging-market stocks: The gap between developed and emerging markets is widening as the covid-19 pandemic continues to rage in the global south. As stocks in advanced economies go from strength to strength, EM equity funds had their worst week\u2026","rel":"","context":"In "PLANET FINANCE"","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":555312,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/11\/09\/stocks-crypto-hit-new-record-highs\/","url_meta":{"origin":610417,"position":5},"title":"Stocks, crypto hit new record highs","author":"enterpriseam admin","date":"9 November 2021","format":false,"excerpt":"US stocks hit new record highs: The S&P 500 closed above 4,700 for the first time yesterday as strong earnings, positive payroll data and fading covid concerns pushed the benchmark index to achieve its longest run of gains since 2017, Bloomberg says. The index closed 0.1% in the green as\u2026","rel":"","context":"In "PLANET FINANCE"","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/610417","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=610417"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/610417\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/610396"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/610418"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=610417"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=610417"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=610417"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=610417"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=610417"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}