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EGX Rebound for a Rally After a Hit by The New CD's Rates

Updated: Jan 24, 2023


Update 112:12 pm CLT


The EGX Hitted by the CD's Rates announced by the National Banks of Egypt and Banque Misr of 25% for a year to reach EGX30 14,601 points coming from its previous close of 15,068 by 11:00 am CLT. to rebound again to 15,231 by 12:12 pm CLT


To rebound for a new rally backed by the currency Devaluation as the USD/EGP exchange Rate reached EGP25.35 on average at the local banks, creating a new wave of New 52 Week Price Highs for the leading stocks at EGX30 by 12:02 pm CLT.


ABUK: EGP 44.09

ESRS: EGP 27.19

MFPC:EGP 152

ALCN:EGP 21.77


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The rally came in line with the EGX Chairman's view during his press conference yesterday when he assured several times that the Egyptian stock exchange is the best hedge for currency devaluation.


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