Stock market closes Wednesday session in the green
Benchmark index EGX 30inched upwards during trading by 0.09 percent to end the session with 32,953.19 points.
EGX 70 was up by 0.18 percent to close with 9,864.92 points, followed by EGX 100 climbing by 0.12 percent to end the session with 13,379.52 points.
Wednesday trading reported 1.724 billion shares exchanged with a turnover of LE 5.363 billion.
Market capitalization was recorded at LE 2.332,6 trillion.
Trading on securities saw Egyptian and Arab investors as net sellers with LE 98.1 million and LE 44.98 million, respectively. Foreign traders were net buyers with LE 143.1 million.
The top gains of the session were by EGYFERT with a climb of 20 percent, Mohandes Insurance by 12.31 percent, and Alexandria Spinning & Weaving (SPINALEX) by 10.44 percent.
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Al-Ahram Weekly
5 hours ago
- Al-Ahram Weekly
‘The Africa we want is not just a dream' - Egypt - Al-Ahram Weekly
Egypt's Foreign Minister Badr Abdelatty last week toured six African countries, namely Chad, Nigeria, Niger, Mali, Burkina Faso, and Senegal, on a trip that saw important discussions with the local authorities on the part of the Egyptian business delegation that accompanied him. According to Ramadan Kurani, an expert in African affairs, this was a strategic trip for three main reasons. First, it defied allegations that Egypt's foreign policy is focused on certain regions in Africa, namely the Nile Basin, East Africa, and Southern Africa. Abdelatty's tour to West Africa, together with the visits of senior officials from Egypt and these countries during the past year, proved Egypt's willingness to boost its relations with all five regions of the continent, North Africa, West Africa, Central Africa, East Africa, and Southern Africa, he said. A second reason is the fact that West Africa is intertwined with the Sahel and Sahara, an area facing security challenges, given that both the Islamic State (IS) group and Al-Qaeda are actively present there. 'The stability of this area is directly linked to Egypt's national security,' Kurani said. Thirdly, the choice of countries included Nigeria, one of the most important economic and political powers in West Africa, Senegal, which has deep cultural and economic ties with the other West African countries, and the three Sahel states of Mali, Burkina Faso, and Niger, which are facing growing challenges in the fight against terrorism. Chad, along with Egypt, is working on establishing a road network that will link the two countries together with Libya. The two countries are cooperating on the economic and security levels to combat terrorism in the Sahel and Sahara. Egypt and Chad host the largest number of Sudanese refugees from the conflict in Sudan. Abdelatty delivered a written message from President Abdel-Fattah Al-Sisi to the heads of state he visited, reaffirming Egypt's close relations with each and with the continent as a whole. On the economic level, 30 business leaders and representatives of Egyptian companies accompanied Abdelatty on his tour. Kurani noted that this was new in Egypt's diplomacy with the African countries. He explained that while historical and cultural relations between Egypt and the African states are rich, this has not always been reflected in economic cooperation. 'The African states can benefit from cooperation with Egypt in infrastructure, energy, medicine, and education. This is win-win cooperation as the Egyptian economy would also benefit,' Kurani said. The African states, he added, have taken positive steps to attract foreign investors. The economic delegation that accompanied Abdelatty's tour had explored opportunities for Egyptian investors to enter the markets of these states, he said. He said that one of the factors that will make Egyptian investment welcome in these countries is the fact that Egypt does not have a history of occupation of any African state. 'The activation of economic diplomacy goes hand in hand with political diplomacy, which will benefit Egypt as well as the African states,' Kurani said. On the societal level, Kurani explained, the six countries included in the tour can be described as Western Islamic states or part of the Western Islamic belt of Africa. Egypt's cultural relations with these countries are strong and boosting these and enhancing Egypt's soft power there is important, he said. The community of Egyptian expats, businesses, and Al-Azhar scholars can play an influential role in enhancing ties. 'When the Arab Contractors Company, for instance, initiates a project in an African state, it usually establishes a health centre, a mosque, or an education centre as well. After completing the project, they leave these establishments as a gift to the state,' he said. Egypt's investment in these countries amounts to $2 billion, 'but our soft power also guarantees an effective Egyptian presence in these countries,' Kurani noted. The Egyptian Agency of Partnership for Development (EAPD) is very active in most of these countries. It supports Africa's developmental aspirations through capacity-building assistance, the transfer of knowledge, skills, and expertise, and the promotion of the creative industries. Meanwhile, Kurani said that Egypt will no longer be deceived by statements on the Grand Ethiopian Renaissance Dam (GERD) being built on the Upper Nile by Ethiopia. 'Today, the GERD is complete. The main issue now is not the dam itself, but the technicalities of its future operation,' he said. If Ethiopia wants a genuine solution to differences on the dam, it must have the political will to enter negotiations. There should also be legally binding regulations for all the involved parties. US President Donald Trump's statements last week aimed to affect Egypt's position on other important issues, namely Gaza and the displacement of the Palestinians, a move which Egypt has repeatedly and categorically rejected. His statements aimed at either acknowledging the righteousness of Egypt's stand on the GERD, Kurani said, or were an attempt to convince the world that he deserves a Nobel Prize. He added that Ethiopian Prime Minister Abiy Ahmed had been provocative when he invited both Egypt and Sudan to the inauguration of the GERD in September. 'The inauguration is part of a political propaganda campaign by the Prosperity Party, Ahmed's ruling party, that uses the dam as a political project to distract attention from internal and border problems.' However, Kurani expressed optimism that the restart of the negotiations may bear fruit, noting that the present negotiating environment is different from that of 2019-2020. The internal problems Ethiopia faces today, together with recent developments in Sudan, may pave the way for better outcomes, he said. 'I am not saying that we will easily get concessions from Ethiopia, but the current environment will help maintain Egypt's water security. The positive point is that Ethiopia or any other African state will think twice before causing any harm to Egypt's water security,' he said. Regarding Egypt's role in promoting the Agenda 2063 aimed at achieving an integrated, prosperous, and peaceful Africa driven by its citizens, Kurani noted that Egypt has, since 2014, worked to boost its diplomacy across Africa. Studies show that 30 per cent of President Al-Sisi's external tours have been to African states. During Al-Sisi's address to the African Union's (AU) Seventh Mid-Year Coordination Meeting held in Malabo, Equatorial Guinea, earlier this month, he called on all African countries to work collectively to overcome challenges, stating that 'the Africa we want is not a dream but a near reality.' 'Such a slogan is very important for political, cultural, and strategic détente among the African states,' Kurani said. Agenda 2063 has various targets, mainly the integration and development of the continent. With that in mind, Egypt is working on multiple areas, including improving infrastructure across the African states and establishing a free-trade zone. It is advancing these goals through two important centres: the Cairo International Centre for Conflict Resolution, Peacekeeping, and Peacebuilding and the African Union Sahel and Sahara Counter-Terrorism Centre. These centres, together with the EAPD, play key roles in supporting development according to the Agenda 2063 framework. * A version of this article appears in print in the 6 August, 2025 edition of Al-Ahram Weekly Follow us on: Facebook Instagram Whatsapp Short link:
Al-Ahram Weekly
8 hours ago
- Al-Ahram Weekly
LG Egypt Launches New Phase of Its 'Better Home' Initiative in Al Beheira to Improve Living Conditions - Sponsored
Cairo, Egypt – 31/7/2025 Under the slogan 'Life's Good' and within its ongoing partnership with Misr El Kheir Foundation, LG Egypt has launched a new season of its flagship CSR initiative, 'Better Home,' which aims to support the most vulnerable families, provide them with decent and stable living conditions, and enhance their home environment. This phase of the initiative targets support for six of the most deserving families in villages across Al Beheira Governorate by providing them with 6 top-load washing machines and 6 smart televisions. These appliances represent part of the company's contribution to creating a more comfortable and stable living environment for the beneficiary families, thereby improving their daily quality of life. The initiative falls within Misr El Kheir's Home Environment Improvement Program, which focuses on social and engineering interventions to improve housing conditions in the most in-need villages across Egypt, through renovation, reconstruction, or providing basic necessities in accordance with approved procedural standards. This in-kind donation aligns with LG's strategy of truly embodying its slogan 'Life's Good.' The company continuously works to provide material and moral support to vulnerable communities in collaboration with Misr El Kheir, enhancing the foundation's efficiency and contributing to sustainable community development. Mohamed El Gedawy, Marketing and Public Relations Director at LG Egypt, stated: 'LG is not just about providing technological products — we strive to be part of the fabric of Egyptian society. Through this new phase of the 'Better Home' initiative, we reaffirm our commitment to realizing our motto 'Life's Good' by supporting families in underprivileged areas.' Eng. Ahmed Youssef, Senior Director of the Direct Aid Program at Misr El Kheir, added: 'The services offered by Misr El Kheir to eligible families throughout the year through the Humanitarian Aid Department reflect our vital social role across all Egyptian governorates. We're pleased with this collaboration with LG, which is not the first of its kind, as LG has long partnered with us across multiple sectors within the Foundation — a partnership we hope continues.' He also emphasized that this collaboration aligns with Misr El Kheir's broader strategy and mission to nurture and empower individuals in a way that uplifts their humanity. LG Egypt confirmed that this initiative in Al Beheira is only one stop in a series of upcoming phases aimed at expanding the impact of the 'Better Home' program across several governorates — reinforcing the company's role in supporting sustainable development in Egypt. Follow us on: Facebook Instagram Whatsapp Short link:
See - Sada Elbalad
11 hours ago
- See - Sada Elbalad
Gold Prices Rise Amid Global Pressures and Shifting Egyptian Consumer Behavior
Waleed Farouk Gold prices rose in both local and international markets during Thursday's trading, driven by a weakening U.S. dollar, falling U.S. Treasury yields, and market anticipation ahead of key inflation data expected later today. Saeed Embabi, Executive Director of the "iSagha" platform for online gold and jewelry trading, stated that local gold prices increased by approximately EGP 10 compared to Wednesday's close, with 21-karat gold reaching EGP 4,530 per gram. Meanwhile, the global ounce price rose by around $37 to hit $3,308. The price of 24-karat gold stood at EGP 5,177, 18-karat at EGP 3,883, and 14-karat at EGP 3,020, while the gold pound recorded EGP 36,240. Yesterday, gold had declined by about EGP 45 per gram, dropping from EGP 4,565 to EGP 4,520, despite a slight global increase in the ounce price from $3,271 to $3,325. Fed Decisions and Global Market Impact Embabi pointed out that today's price rebound followed a sharp decline at the end of Wednesday's session, influenced by the U.S. Federal Reserve's decision to maintain interest rates at 4.25%-4.50%, which triggered a wave of selling in international markets. Despite the Fed's hold on interest rates, inflation concerns persist. In its statement, the Fed slightly adjusted its economic outlook, noting a slowdown in growth during the first half of the year. An internal division also emerged in the Federal Open Market Committee, with members Michelle Bowman and Christopher Waller voting in favor of a rate cut. Despite this divergence, markets still anticipate two potential rate cuts in 2025, with the first possibly occurring in September, driven by slowing growth and weakening consumer spending. Fed Chair Jerome Powell, however, provided no clear guidance regarding the September meeting, emphasizing that it's still "too early" to determine the direction of monetary policy. Market attention now turns to new tariff policies and upcoming inflation data, particularly the Fed's preferred inflation gauge—Core Personal Consumption Expenditures (PCE)—set to be released later Thursday. Trump's Tariffs Boost Demand for Gold On another front, newly announced protectionist measures by U.S. President Donald Trump have contributed to a surge in global gold demand. The measures include reinstated tariffs on imports from South Korea, Brazil, and India, along with the removal of exemptions for low-value shipments. Key actions include a 15% tariff on South Korean goods and a 50% tariff on Brazilian imports. Despite Trump's optimistic remarks about trade talks with China, markets remain cautious about potential disruptions ahead of the August 1 deadline for reciprocal trade agreements. Shifting Egyptian Consumer Behavior Toward Gold On the domestic front, Embabi highlighted World Gold Council data for Q2 2025, which shows clear shifts in how Egyptian consumers approach gold—both in traditional jewelry purchases and in direct investment through bullion and coins. He explained that these shifts reflect a changing economic landscape. Gold is no longer viewed solely as a stable, traditional safe haven, but rather as an asset whose role is being reassessed amid economic volatility. Jewelry Purchases Decline Purchases of gold jewelry in Egypt fell to approximately 5.7 tons in Q2—down 17% year-on-year and also lower than the 6.4 tons recorded in Q1. Embabi attributed the decline to weak consumer purchasing power, as the U.S. dollar surpassed EGP 50 locally, and global price volatility caused many to delay buying decisions. Purchases are now driven mostly by necessity (such as for weddings), or through selling existing holdings to capitalize on price differences. He added that this behavior is no longer unusual but rather represents a broader trend, as rising living costs have eroded the culture of long-term savings among Egyptian households. Cautious Return to Bullion and Coins In terms of direct investment, bullion and coin purchases declined 23% year-on-year to 5.9 tons in Q2. However, there was a noticeable increase compared to Q1, which saw 4.7 tons sold. Embabi noted this reflects a gradual return of individual investors to gold as a hedging tool, especially given the lack of attractive investment alternatives, with the real estate market stagnating and inflation making it difficult for financial instruments to offer real returns. He emphasized that gold is no longer purchased solely for long-term savings but is increasingly used as a dynamic tool for short- to medium-term risk management. Egyptian consumers are now more market-savvy, monitoring prices closely, postponing or making decisions to buy or sell based on perceived value. Embabi expects cautious demand for jewelry to persist, while bullion and coin sales may experience a mild recovery if prices continue to rise or stabilize. He concluded by stressing that gold will remain ingrained in the Egyptian mindset as a store of value, but the way it is utilized has evolved—clearly reflected in both recent data and consumer behavior patterns. read more CBE: Deposits in Local Currency Hit EGP 5.25 Trillion Morocco Plans to Spend $1 Billion to Mitigate Drought Effect Gov't Approves Final Version of State Ownership Policy Document Egypt's Economy Expected to Grow 5% by the end of 2022/23- Minister Qatar Agrees to Supply Germany with LNG for 15 Years Business Oil Prices Descend amid Anticipation of Additional US Strategic Petroleum Reserves Business Suez Canal Records $704 Million, Historically Highest Monthly Revenue Business Egypt's Stock Exchange Earns EGP 4.9 Billion on Tuesday Business Wheat delivery season commences on April 15 News Israeli-Linked Hadassah Clinic in Moscow Treats Wounded Iranian IRGC Fighters Arts & Culture "Jurassic World Rebirth" Gets Streaming Date News China Launches Largest Ever Aircraft Carrier News Ayat Khaddoura's Final Video Captures Bombardment of Beit Lahia Videos & Features Tragedy Overshadows MC Alger Championship Celebration: One Fan Dead, 11 Injured After Stadium Fall Business Egyptian Pound Undervalued by 30%, Says Goldman Sachs Lifestyle Get to Know 2025 Eid Al Adha Prayer Times in Egypt Arts & Culture South Korean Actress Kang Seo-ha Dies at 31 after Cancer Battle Arts & Culture Lebanese Media: Fayrouz Collapses after Death of Ziad Rahbani Sports Get to Know 2025 WWE Evolution Results
