Egypt’s EGX announces January 7 as an official holiday

The Egyptian Exchange (EGX) announced that the bourse will be off on Monday, January 2, on the occasion of the Christmas.

Many Orthodox Christians celebrate Christmas Day annually on January 7 to remember Jesus Christ’s birth, described in the Christian Bible.

This holiday will be the second one since the beginning of 2019, as the bourse was off on Tuesday, January 1, on the occasion of the banks’ holiday.

Central Bank of Egypt (CBE) announced Wednesday that banks operating in Egypt will be off on Tuesday, January 1, on the occasion of the end of the financial year for most of the banks on December 31.

The Egyptian Exchange (EGX) started the first session in 2019 in green, as EGX 30 hiked 1.29 percent, EGX 50 rose 0.92 percent, EGX 70 increased 0.59 percent, and EGX 100 inched up 0.63 percent.

Source: Egypt Today

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EGX off on Coptic Christmas Day

The Egyptian Exchange (EGX) will be closed on Tuesday, January 7 in observance of Coptic Christmas Day.

Trading will resume on Wednesday, January 8.

Attribution: Amwal Al Ghad English

Subediting: M. S. Salama

Gold edges higher, set for strong annual gains

Gold prices inched up on Tuesday amid subdued trading activity, extending their stellar performance in 2024, supported by the US Federal Reserve’s interest rate cuts.

Spot gold rose 0.08 per cent to $2,608.02 per ounce as of 7:10 AM GMT, compared to $2,605.95 at the previous close. US gold futures also gained 0.04 per cent, trading at $2,619.09 per ounce, up from Monday’s closing price of $2,618.10.

Gold has seen robust gains this year, driven by safe-haven demand amid economic uncertainties and geopolitical tensions.

Attribution: Amwal Al Ghad English, Investing.com

Subediting: Y.Yasser

 

EGX to close on Jan 1st

The Egyptian Exchange (EGX) said on Monday that trading will be suspended on Wednesday, 1 January 2025, for the end of the financial year. It is set to resume on Thursday, 2 January 2025.

Attribution: Amwal Al Ghad English

Subediting: Y.Yasser

Gold prices down on Monday ahead of Fed clues

Gold prices fell on Monday as investors await further information on the US Federal Reserve’s interest rate plans and President-elect Donald Trump’s tariff policies, which could impact the metal’s future trajectory.

Spot gold prices fell at 6:56 AM GMT by 0.04 per cent to $2,618.91 per ounce, compared to the previous closing price of $2,620.

Meanwhile, US gold futures dipped 0.04 per cent to $2,630.72, compared to Wednesday’s closing of $2,631.9.

Attribution: Amwal Al Ghad English, Reuters

Subediting: Y.Yasser

Erdogan: 2025 to be landmark for interest rate cuts

Türkiye’s President Recep Tayyip Erdogan said on Saturday he expects more interest rate cuts in 2055, reiterating his belief that reduced rates will curb inflation.

“Priority in our economy programme is to lower the inflation… We will hopefully reduce inflation to the required level by using other tools at our disposal in addition to the monetary policy,” Erdogan said to the members of his AK Party (AKP) in northwestern city of Bursa.
“We will definitely start lowering the interest rates. 2025 will be the landmark year for this,”

The statement follows the Central Bank’s recent cut to its policy rate, reducing it from 50 per cent to 47.5 per cent at its December meeting, exceeding market expectations.

Despite earlier shifts to orthodox monetary policies and steep rate hikes, Erdogan’s remarks signal a potential return to unconventional approaches.

Erdogan also criticised “opportunists” for contributing to inflation, urging citizens to boycott businesses that raise prices excessively. Analysts anticipate significant rate cuts in 2025, though officials warn against an uninterrupted easing cycle.

Attribution: Bloomberg & Reuters

Subediting: Y.Yasser