The Egyptian Exchange (EGX) has continued its rally for the second day after posting opening gains on Wednesday of EGP 176 billion powered by the cabinet reshuffle and the anticipated re-launch of the same-day trading (T+0). The capital market has amounted to EGP 362.738 billion, according to data compiled by Amwal Al Ghad English at 11:10 a.m. Cairo time (09:09 GMT) during Wednesday’s opening session. The EGX indices were wavering in green notes during the opening session, except for the mid- and small-cap index, the EGX70 which solely fell. Benchmark EGX30’s up-swing trends towards the 5300 pts level opening by 0.12% higher to 5378.98 p; while EGX20 rose by 0.16% to 6171.59 p. Meanwhile, the mid- and small-cap index, the EGX70 sagged by 0.11% to 453.48 p.  Price index EGX100 edged up by 0.01% to 761.07 p. During Wednesday’s opening session, the trading volume has reached 6.127 million securities worth EGP 23.524 million, exchanged through 981 transactions. More»

On Tuesday, Egypt’s benchmark stock index surged the most in two months on investor bets a Cabinet change will boost the nation’s prospects of finalizing a loan agreement with the International Monetary Fund. Commercial International Bank Egypt SAE (COMI.CA), the country’s biggest publicly traded lender, gained the most in almost five months. Telecom Egypt Co. (ETEL.CA), the monopoly fixed-line phone company, advanced 3.1 percent. The EGX 30 Index increased 1.8 percent, the most since March 7, to 5,372.63 at the close in Cairo. The markets regulator said on Tuesday it will allow investors to sell shares bought in the same session after a two-year halt. Nine new Cabinet members, including the finance and planning ministers, were sworn in by President Mohamed Morsi today after he pledged changes last month. The North African nation has struggled for two years to obtain a $4.8 billion IMF loan amid violent protests and government instability in the fallout of the revolt that toppled Hosni Mubarak in 2011. “Market sentiment has improved after the cabinet reshuffle, especially with the replacement of the finance minister,” Mohamed Radwan, head of equities at Cairo-based Pharos Holding for Financial Investments, said by phone. “There are hopes this government will do a better job of securing an IMF deal.” More»

As the 9 ministers announced in Egypt’s cabinet reshuffle have been finally sworn in, the Egyptian Exchange (EGX) has managed to end Tuesday’s session posting gains of around EGP 4  billion backed by Arab buyers. The EGX’s gains have been also powered by the bourse regulator’s announcement that the same-day trading settlement known as T+0 will come into force by the trading session of Thursday May 23rd, 2013. The capital market has reached to EGP 362.562 billion during Tuesday’s closing session. The EGX indices ended Tuesday in green notes. Egypt’s benchmark index EGX30 climbed by 1.82% to close at 5372.63 p; while the EGX20, it also soared by 2.27% to end at 6161.87 p. Meanwhile, the mid- and small-cap index, the EGX70 rebounded by 0.59% to conclude at 451.31 p.  Price index EGX100 advanced by 1% to finish 760.96 p. More»

Egypt’s financial regulator announced on Tuesday that the same-day trading mechanism which is known as T+0 will come into effect as of the trading session of Thursday May 23rd, 2013. The Egyptian Financial Supervisory Authority (EFSA) has decided to resume the T+0 Settlement mechanism by May 23rd, looking forward to providing more liquidity for the market. The EFSA stated that this comes in the wake of holding experimental sessions by the Egyptian stock exchange (EGX) and Egypt’s Central Clearing, Depository and Registry house (MCDR) to verify the market’s readiness for the resumption of the same-day trading mechanism. It is worth noting that the Egyptian Exchange (EGX) management halted the same-day trading mechanism following the January uprising in 2011 as uncertainty swept the market. More»

The Egyptian Exchange (EGX) has opened this week posting early gains of EGP 1.4 billion backed by foreign buying transactions on Tuesday. The EGX has resumed trading after the Easter and Sham Neseem holidays on Sunday and Monday. The capital market has amounted to EGP 360.055 billion, according to data compiled by Amwal Al Ghad English at 11:09 a.m. Cairo time (09:09 GMT) during Tuesday’s opening session. The EGX indices were wavering in green notes during the opening session, except for the mid- and small-cap index, the EGX70 which solely fell. Benchmark EGX30 inched up by 0.88% to 5322.95 p; while EGX20 surged by 1.24% to 6099.77 p. Meanwhile, the mid- and small-cap index, the EGX70 dropped by 0.04% to 451.12 p.  Price index EGX100 edged up by 0.35% to 756.01 p. More»

A number of capital market experts in Egypt is expecting that the indexes of Egypt’s stock market will witness on Tuesday’s trading session a downswing performance as a state of alert is haunting the market awaiting the expectant cabinet reshuffle besides the beginning of launching the stamp tax on the EGX’s daily selling and buying transactions. The experts believe that as the stamp tax will be coming into effect this week, it will represent an extra reversal pressure on the indices’ movements. The Egyptian Exchange’s benchmark, EGX30 is likely to waver between the levels of 5300-5150 points. The experts feel worried that the coming cabinet reshuffle would not satisfy the country's growing opposition resulting in witnessing potential wave of violent protest once again. More»

Egypt is currently holding intensive talks with a number of North African clearing houses, seeking to activate the linkage process within the current year. Mohamed Abdel Salam, chairman of Egypt’s Central Clearing, Depository and Registry house (MCDR), stated that this comes in the wake of a decree from the Africa & Middle East Depositories Association (AMEDA) stressing the need for the GCC countries and the North Africa region to be linked with Egypt’s MCDR, as well as the other African securities depository centers through South Africa’s Strate Ltd. Abdel-Salam further noted that MCDR is currently in talks with its counterparts in Morocco, looking forward to finalizing the tie-up process in the near future and to reaching similar agreements with the rest of North Africa countries within this year. Abdel-Salam stated that MCDR has already managed to link up with South Africa’s Central Securities Depository (Strate), which is currently following up the transactions carried out by the investors in the Egyptian and South African markets. It is worth noting that Egypt and Turkey will be soon finalizing the transfer mechanism of funds and securities to carry out the clearing house tie-up process as soon as the expectant alliance project between the two countries’ stock exchanges comes into force which is expected to be within the first half of 2013. More»

In a week, Al-Moasher for Programming and Information Dissemination (AMPI) has managed to be on the top 10 active NILEX-listed firms as its volume of trades have hit 535.4 thousand securities worth EGP 605.5 thousand. Through the week, The Egyptian Exchange of SMEs - NILEX has reported a volume of trades of 860.7 thousand million securities worth EGP 1.486.7 million exchanged through 304 transactions. Marseille Almasreia Alkhalegeya For Holding Investment (MAAL) has ranked again second as its volume of trades amounted to 126.8 thousand securities worth EGP 511.7 thousand. Univert for Food Industries (UNFO) has come third as its volume of trades reached 114.7 thousand securities worth EGP 92.1 thousand. Fourthly, BIG Trade and Investment (BIGP) has recorded a volume of trades reached 35.1 thousand securities worth EGP 38.6 thousand. Fifthly, Port Saied for Agricultural Development and Construction (PSAD) has recorded a volume of trades reached 20 thousand worth EPG 80.2 thousand. Egypt Intercontinental for the manufacture of granite and marble EGY-STON (MISR) has come sixth recording a volume of trades of 15 thousand securities worth EGP 57.3 thousand. Utopia Real Estate Investment and Tourism (UTOP) has come seventh having a volume of trades of 7.9 thousand securities worth EPG 60.7 thousand. At the bottom of the list, International Business Corporation For Trading and Agencies - IBC (IBCT) has come eighth reporting a volume of trades of 5.8 thousand securities worth EGP 40.6 thousand. More»

In a week, the Egyptian Exchange has managed to post gains of EGP 1.4 billion backed by the final settlement agreement between Orascom Construction Industries S.A.E. and Egyptian Tax Authority that ended over 10-month disputes over tax evasion claims. The EGX was muddled by a number of recent reversal news about the official approval on the stamp tax for the bourse’s daily transactions and the termination of the pending joint venture deal between Egypt’s biggest bank EFG-Hermes and Qatar’s QInvest over the country’s regulatory deal. The capital market has hit EGP 358.612 billion at the end of last week, compared to EGP 357.153 billion at the end of a week earlier. Egypt’s stock exchange benchmark EGX 30 index inched up by 0.97% this week, representing an increase of 51.62 points, ending Thursday’s transactions at 5276.62 points compared to 5225 points at the end of last week. EGX30 hit its highest point on Thursday closing at 5276.62 points, where its lowest point reported on Tuesday at 5196.48 points. More»

Stocks traded on the Egyptian Exchange of the Small and Medium Enterprises (SMEs) – NILEX have ended this week mostly down. This was after trading in 6 stocks on Thursday; 3 declined, 2 advanced and Univert for Food Industries (UNFO) steadied at EGP 0.80. Al-Moasher for Programming and Information Dissemination (AMPI)’s stock has led NILEX downwards as it sank 2.65% to close at EGP 1.10. The stock also topped NILEX’s traded value as it reached EGP 301.702 thousand distributed to 273.750 thousand securities exchanged through 44 transactions. Port Saied for Agricultural Development and Construction (PSAD)’s stock pushed down by 2.45% to conclude at EGP 3.98. Utopia Real Estate Investment and Tourism (UTOP)’s stock fell by 0.26% to close at EGP 7.68. On the contrary, Marseille Almasreia Alkhalegeya For Holding Investment (MAAL)’s stock soared by 4.56% to close at EGP 4.13. International Business Corporation For Trading and Agencies - IBC (IBCT)’s stock inched up by 2.56% to finish at EGP 7.20. More»