Egyptian Stock Exchange Opens Week with Gains as Dollar Stabilizes Below 48 EGP

The Egyptian Stock Exchange commenced the current week's trading with a positive performance, driven by buying activity in leading and mid-cap stocks, while the currency market saw significant stability for the dollar against the pound.

Stock Market Continues Upward Momentum

The main index EGX30 rose by 0.42% at the start of trading, reaching 42,210 points, maintaining its position above the 42,000-point threshold breached last week.

The positive performance extended to other indices, with EGX70 up by 0.69%, while the broader EGX100 increased by 0.66%.

The main index had concluded last week's trading at 42,033 points, achieving a weekly gain of 1.29%, indicating improved investor sentiment.

Dollar Remains Stable

In the currency market, the US dollar stabilized against the Egyptian pound during the morning trading, with exchange rates in major state banks ranging between 47.49 - 47.59 EGP.

The Central Bank of Egypt recorded a buying rate of 47.46 EGP and a selling rate of 47.60 EGP, while prices at the National Bank, Bank of Egypt, and Alexandria Bank were consistent at 47.49 EGP for buying and 47.59 EGP for selling.

This stability comes ahead of the Central Bank's Monetary Policy Committee meeting scheduled for December 25 to review interest rates.

Gold Prices Rise Supported by Global Trends

Local gold prices experienced a slight increase, supported by the rise of the global ounce to record levels exceeding 4,300 dollars.

The price for 21-carat gold, the most traded in the Egyptian market, reached 5,745 EGP for selling and 5,720 EGP for buying, while the gold pound was priced at 45,960 EGP.

The price for 24-carat gold reached 6,565 EGP, whereas 18-carat gold remained stable at 4,924 EGP.

Analysts attribute the global rise in gold prices to concerns about a slowdown in the US economy and expectations of further monetary easing from major central banks.