CAIRO – 20 October 2022: The Egyptian Exchange (EGX) started Thursday’s session in a hike, responding to the Central Bank’s decision to raise interest rates by about 2 percent in an exceptional meeting, and the flexibility to move the exchange rate against foreign currencies.
By 11 PM Cairo time, the benchmark EGX30 rose 4.32 percent, reaching levels of 11,009 points.
The equally weighted index EGX 50 increased 3.01 percent, reaching levels of 2,033 points.
The small and mid-cap index EGX 70 hiked 1.8 percent, reaching levels of 2,265 points, and the broader index EGX 100 climbed 2.39 percent, reaching levels of 3,272 points.
Market capitalization gained around LE 25 billion, recording LE 745.165 billion.
The trading volume reached 202.01 million shares, traded through 20.7 thousand transactions, with a turnover of LE 712.5 million.
Egyptian investors were net sellers at LE 33.2 million, while Arab and foreign investors were net buyers at LE 19.4 million, and LE 13.72 million, respectively.
The Central Bank of Egypt (CBE) announced, earlier Thursday, the issuance of
several decisions related to the exchange rate, interest rates and letters of credit for importing.
The decisions which were taken in an exceptional meeting included raising the Central Bank of Egypt’s (CBE) interest rates by 200 basis points or 2 percent, in an exceptional meeting.
The overnight deposit rate, overnight lending rate, and the rate of the main operation were raised to 13.25 percent, 14.25 percent, and 13.75 percent, respectively. The discount rate was also kept raised to 13.75 percent.
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