Cynthia Johnston

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Latest by Cynthia Johnston


Egypt's Talaat Moustafa plunges, leading index lower

CAIRO: Shares in Egyptian real estate developer Talaat Moustafa ended 14.5 percent lower on Thursday after the firm s former chairman was sentenced to death for murder, driving the benchmark index lower. Talaat Moustafa shares last traded at LE 4.30 ($0.76), still well above a year low of LE 2.52 pounds set in March, as …

Cynthia Johnston

France Telecom unit in offer for Egypt's Mobinil

CAIRO: A France Telecom unit has submitted an obligatory tender offer to buy all the shares of Egyptian mobile operator Mobinil, Egypt s market regulator said on Tuesday. The Capital Markets Authority said it was studying the offer by Orange Participations, owned by France Telecom, but gave no further details. Officials from both Mobinil and …

Cynthia Johnston

Egypt 2009 cement exports seen lower: CI Capital

CAIRO: Egypt will see declining cement exports in 2009 due to the global slowdown coupled with a government decision to ban cement exports for four months from April, Egypt s CI Capital Research said on Monday. But the industry can weather the drop by capitalizing on a real estate backlog in the domestic market that …

Cynthia Johnston

Telecom Egypt climbs after results, index flat

CAIRO: Fixed-line monopoly Telecom Egypt climbed over 4 percent on Sunday on strong first quarter results, helping Egypt s main index stay afloat on a light trading day, dealers said. Telecom Egypt, which posted a 72 percent rise in first quarter net profit on Thursday, gained 4.43 percent to LE 18.14 ($3.23), helping boost the …

Cynthia Johnston

Egypt stock index dips on profit-taking, OCI lower

CAIRO: Egypt s main stock index declined on Tuesday as profit-taking continued across the board for a second day, with declines in heavyweight Orascom Construction Industries (OCI), dealers said. OCI lost 3.91 percent to LE 135 ($23.94), while the benchmark EGX 30 index dropped 1.26 percent to 4,193.94 points. The rival Hermes index shed 1.11 …

Cynthia Johnston

Egypt stock index gains 1.3 pct as OT climbs

CAIRO: Egypt s main stock index climbed 1.31 percent on Thursday led by gains in Orascom Telecom, despite institutional profit-taking that set in late in the session, dealers said. Shares in Orascom Telecom, which reported a 7 percent rise in 2008 net profit on Monday after excluding exceptional gains from 2007, added 1.13 percent to …

Cynthia Johnston

Egypt index gains 1 pct, Talaat Moustafa surges

CAIRO: Egypt s main stock index climbed 1 percent on Thursday as big caps continued to rise for a second day led by gains in real estate developer Talaat Moustafa. The benchmark CASE 30 index ended at 3,597.56 points, while the rival Hermes index added 0.82 percent to 341.07 points. Talaat Moustafa, the most actively …

Cynthia Johnston

Egypt index follows world markets higher, OCI jumps

CAIRO: Egypt s main stock index jumped over 2.5 percent on Wednesday, following global markets higher, with strong gains in Orascom Construction Industries. Shares in heavyweight OCI surged 4.28 percent to end at LE 114.45 ($20.41), while the benchmark CASE 30 index ended at 3,562.27 points after US stocks bounced back from 12-year lows a …

Cynthia Johnston

Egypt shares tumble to fresh year low, OCI dips

CAIRO: Egypt s main stock index ended 1.9 percent lower on Tuesday to hit a fresh year low, but a late session recovery by heavyweight Orascom Construction Industries (OCI) trimmed market declines, dealers said. It s just selling pressure from Egyptians, said Amr Saber of Prime Securities, adding that big caps were declining in line …

Cynthia Johnston

Orascom Telecom unit buys Namibia's Cell One

CAIRO: A subsidiary of Egyptian telecom giant Orascom Telecom (OT) has bought Namibian mobile operator Cell One in a $59 million cash deal, OT said on Wednesday. OT, the biggest Arab mobile phone operator by subscribers, said Telecel Globe had bought Cell One as part of its strategy of targeting licenses and mobile operators in …

Cynthia Johnston

EDB Bank gets $20 mln credit line

CAIRO: Abu Dhabi s Arab Trade Financing Program has extended a $20 million line of credit to Egypt s Export Development Bank to finance Egyptian export activities, Egypt s Trade Ministry said on Thursday. The deal comes as the Egyptian government seeks to support exports to mitigate the effects of the global economic crisis as …

Cynthia Johnston

Profit-taking hits Egypt stocks, ending 4-day rally

CAIRO: Egypt s benchmark stock index sank over 4 percent on Monday as a bout of profit-taking in market heavyweights such as Orascom Telecom cut short a four-day rally ahead of a long Muslim holiday. Shares in the regional mobile operator shed 7.35 percent to last trade at LE 23.70 ($4.30). Orascom Construction Industries, Egypt …

Cynthia Johnston

Egypt stock index adds 4 pct, extending rebound

CAIRO: Egypt s benchmark stock index jumped 4 percent on Sunday to extend a rebound alongside Gulf Arab bourses, with gains in some of the Egyptian stocks most battered by the global economic downturn. Shares in investment bank EFG-Hermes, which has lost roughly 75 percent of its value this year, climbed 4.36 percent to last …

Cynthia Johnston

Stock index falls to a new three-year low

CAIRO: The benchamrk Egyptian stock index tumbled 2.6 percent to a fresh three-year low on Wednesday as foreign investors and institutions continued to dump big caps including Orascom Construction Industries. The benchmark CASE 30 index sank to 4,098.51 points, while shares of heavyweight Orascom plunged 8.77 percent to LE 130 ($24), their lowest point in …

Cynthia Johnston

Egypt stock indexes dip over 4.5 pct, big caps weigh

CAIRO: Egypt s top two share indexes skidded over 4.5 percent lower on Monday as declines in big cap stocks such as Orascom Construction Industries (OCI) triggered a selling frenzy, traders said. Shares in OCI slid 9.7 percent to a fresh year low of LE 153 ($27.69), while overall the benchmark CASE 30 index lost …

Cynthia Johnston

Egypt stock index gains over 3 pct, OCI gives boost

CAIRO: Egypt s benchmark stock index added over 3 percent on Tuesday, rising in line with Gulf Arab markets and boosted by gains in big caps such as Orascom Construction Industries, traders said. OCI, which had lost 60 percent of its value since April, climbed 2.61 percent to LE 199.02 ($35.86), while the benchmark CASE …

Cynthia Johnston

Mobinil says interconnect rates unfair

CAIRO: Mobinil, one of Egypt’s three mobile operators, said it could accept a drop in interconnection rates but that levels suggested by the regulator were “not reasonable. The firm said on Monday a change in interconnection rates between it and state-owned fixed-line monopoly Telecom Egypt should be part of a broader package of changes. “We …

Cynthia Johnston

Egypt stocks gain, led by telecoms and Talaat Moustafa

CAIRO: Egyptian stocks piped slightly higher on Monday led by telecoms and real estate developer Talaat Moustafa, even as Gulf bourses slumped on banking and recession worries. Talaat Moustafa gained 10.06 percent to LE 3.50 ($0.63) after hitting a year-low of LE 3.03 on Sunday, while the benchmark CASE 30 index climbed 1.23 percent to …

Cynthia Johnston

El Sewedy launches wind energy subsidiary

CAIRO: El Sewedy Cables has launched a wind energy group to build turbines in Egypt in line with the government s plan to increase renewable energy use, and expects sales of ?434.6 million ($584 million) by 2011. Sewedy said on Monday it had created the Sewedy Wind Energy Group after buying a 30 percent stake …

Cynthia Johnston

Egyptian stock market plunges 8.85 pct as OCI tanks

CAIRO: Egypt’s main stock index plunged 8.85 percent on Wednesday, following Gulf Arab markets lower as heavyweight Orascom Construction Industries plummeted. The benchmark CASE 30 index last traded at 5,112.29 points, led by double-digit drops in two heavyweight firms with GDR shares traded in London. “Heavyweights are down heavily, said Mariam Abou El-Dahab of Borak …

Cynthia Johnston

Egypt stocks surge over 6.5 pct, following Gulf rally

CAIRO: Egypt s benchmark stock index extended gains on Tuesday in line with Gulf markets, climbing over 6.5 percent led by a surge in heavyweight Orascom Construction Industries, traders said. OCI shares soared 9.52 percent to end at LE 262.20 ($47.24). The benchmark CASE 30 index, which had tumbled nearly 50 percent this year before …

Cynthia Johnston

Pioneers says buys 50 pct of brokerage firm

CAIRO: Egyptian investment bank Pioneers Holding said on Tuesday it had signed an agreement to buy 50 percent of Egyptian Securities Brokerage, but declined to say how much it would pay for the stake. The company said in a statement issued through the Egyptian stock exchange that procedures were underway to carry out the deal. …

Cynthia Johnston

Egypt indexes drop as Goldman Sachs report hits OT

CAIRO: Egypt s stock indexes declined on Sunday, led by a 2.77 percent dip in heavyweight Orascom Telecom after Goldman Sachs downgraded it, citing continuing operating difficulties in Pakistan and Algeria. Orascom Telecom shares ended at a fresh year closing low of LE 47.65 ($8.81), helping drag the benchmark CASE 30 index 0.7 percent lower …

Cynthia Johnston

Egypt indexes end flat, Talaat Moustafa drops 8 pct

CAIRO: Egypt s two main stock indexes ended flat on Monday as profit-taking kicked in after three straight sessions of gains, and real estate developer Talaat Moustafa shed 8.12 percent, traders said. The benchmark CASE 30 index slipped 0.14 percent to 8,438.06 points, while the well watched Hermes index lost 0.07 percent to 738.42 points. …

Cynthia Johnston

Egypt court rules against US university on face veil

Reuters CAIRO: An Egyptian court ruled on Saturday that the US-accredited American University in Cairo (AUC) was wrong to bar a female scholar who wears an Islamic face veil from using its facilities, court sources and a lawyer for the woman said. The AUC, seen as a bastion of Western liberal education in Egypt, had …

Cynthia Johnston

Egypt seeks to bar live bird trade over H5N1 fears

Reuters CAIRO: President Hosni Mubarak proposed a law on Wednesday to bar trade and transport of live birds to help prevent the spread of the bird flu virus that has so far killed 13 Egyptians, state media said. The draft law, sent to the upper house of Egypt s parliament for consideration, could impose a …

Cynthia Johnston

Kefaya movement says referendum fixed

Reuters CAIRO: The Kefaya protest movement said on Wednesday a referendum on constitutional changes had been fixed in advance. A growing number of groups, including the powerful Muslim Brotherhood, have also called for a boycott of Monday s vote. The amendments include an anti-terrorism clause that enshrines sweeping police powers of surveillance and arrest. The …

Cynthia Johnston

Village ways fuel bird flu spread in rural Egypt

Reuters EZBET SIDI OMAR, Egypt: When Attia Abdel-Hamid Hassan notices the chickens or ducks that he keeps at home in Egypt s Nile Delta starting to wobble on their feet, he puts them in a sack and drowns them in an irrigation canal. His neighbors, afraid of catching the deadly bird flu virus that has …

Cynthia Johnston

Bahais in Egypt fight for recognition as people

Reuters CAIRO: If Egyptian dentist Raouf Hindy would only deny his Bahai faith, he could get his children the identity documents they need to enroll in Egyptian schools and later to marry, drive a car or open a bank account. But Hindy has insisted on telling the truth. His decision has thrust him to the …

Cynthia Johnston

Egyptian woman tests positive for bird flu

WHO dismisses virus mutation concerns Reuters CAIRO: A 37-year-old woman has tested positive for the deadly bird flu virus, bringing the number of confirmed cases in Egypt to 21, a World Health Organization official said on Wednesday. There is a case, 37-years old, from Fayoum. She has been transferred to Abbasiya (hospital) in good condition, …

Cynthia Johnston