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EGX loses EGP 4.5bn on Monday
Increasing authorised capital from EGP 3.2bn to EGP 6bn has also been approved by EGX
Total market losses so far at EGP 48bn, while gains amount to EGP 5.9bn
Market gains EGP 5.9bn Monday after witnessing a huge loss the previous day
The alliance says deal will bring $230m in foreign investments.
Reuters – Egypt’s bourse posted its biggest percentage loss in seven months on Monday as local investors continued to book profits on positions built in anticipation of former army chief Abdel Fattah al-Sisi’s run for president. The main Cairo index tumbled 3.6% to 7,805 points, dropping for a third session in a row, as all but two of …
Reuters – The Cairo bourse, which dropped 2.7% last Thursday after Sisi said he would run for president, fell a further 1.9% on Sunday to trim 2014 gains to 19%. But there were signs the correction was slowing and the market closed above the intraday low. “Towards the end of today we saw a bit …
The last major IPO on the Egyptian exchange was in 2010.
Reuters – Egypt’s shares rose slightly on Monday after a deal between the country’s army and a Dubai builder for an affordable housing project worth EGP 280bn ($40.2bn). Cairo’s benchmark index advanced 0.5%, recovering early-session losses and boosting 2014 gains to 17.6%. Under a deal with Cairo’s army-backed government, Dubai’s Arabtec will build one million …
Wheat stocks sufficient until 2 June; 60,000 tons imported from Romania, 235,000 tons from Russia
Mohamed Omran says new listing rules aim to encourage companies to join stock market
Reuters – Egypt’s bourse rose on Wednesday as the country’s biggest listed bank posted strong fourth-quarter earnings, while markets in the United Arab Emirates weakened after a disappointing earnings report from Abu Dhabi property developer Aldar. Egypt’s index added 1.0% to 7,571 points after Commercial International Bank (CIB) posted a 29% rise in quarterly net …
Egypt’s benchmark index rose for a fourth straight session, up 0.4% to 7,488 points, to its highest level since April 2010.
Reuters- Egypt’s benchmark index slipped 0.4%, easing off Sunday’s four-year high, as investors booked profits in mid- and small-cap stocks. Egyptian Resorts dropped 5.2% and Palm Hill Developments Company fell 2.2% on Monday. Investors remain positive on the market despite uncertainty over a cabinet reshuffle. Prime Minister Hazem el-Beblawi has said the reshuffle will include …
Giant construction deal lifts Abu Dhabi, Saudi banks rally on, Egypt rises on stimulus package
The Dow Jones Industrial Average sank 180.26 points (1.14%) to 15,698.85 over the five days of trade.
Sentiment was also helped by Finance Minister Ahmed Galal saying the interim government would soon launch a second stimulus package of about the same size as the first one, EGP 30bn ($4.3bn).
This week will have only four sessions due to the New Year holiday next Wednesday.
Some fund managers think a pull-back is likely in the near term since Dubai has risen so sharply.
Gleeds Construction Consultancy Egypt’s quarterly report highlights impact of recent political upheaval on economic sectors.
Benchmark index hits 5765.8 points, expected to move upward over coming period
Investors seek the Egyptian bourse, leading liquidity to head to the stock market
The stock market registered its highest gain in seven months
The European single currency eased to $1.3242 from $1.3250 late on Monday. The dollar rose to 100.03 yen from 99.59 yen.
The European single currency climbed to $1.3211 from $1.3180 late on Friday.
Joint Press Statement
The EGX 30 index closed with a 1.5% surge at 5615.36 points on Tuesday, while the EGX 70 index, encompassing small and medium sized companies, saw a modest rise of 0.53%. The broader index EGX 100 increased by 0.71%.
Atef El-Sherif said delisting is a normal measure that occurs every six months
Meanwhile, EGX 70 index, tracking small and medium sized companies increased to 1.44% and the broader EGX100 index inched upwards by 0.96.