The Egyptian Exchange (EGX) has opened this week posting early gains of EGP 166 million powered by the state investment minister’s remarks on finalizing the Hermes-QInvest pending strategic alliance this week. The capital market has amounted to EGP 357.319 billion, according to data compiled by Amwal Al Ghad English at 11:09 a.m. Cairo time (09:09 GMT) during Sunday’s  opening session. The EGX indices opened in green notes on Sunday’s opening. Benchmark EGX30 inched up by 0.62% to 5257.69 p; while EGX20 climbed by 1% to 6087.04 p. Meanwhile, the mid- and small-cap index, the EGX70 rose by 0.33% to 449.93 p.  Price index EGX100 edged up by 0.37% to 750.67 p. During Sunday’s  opening session, the trading volume has reached 6.096 million securities worth EGP 25.691 million, exchanged through 1.841 transactions. More»

Egypt’s Investment Minister, Osama Saleh, said some measures are being taken in EFG-Hermes and Qlnvest Deal firms in order to finalize them by the end of the current week. The Minister added that it is scheduled to announce the final decision concerning this deal before the partnership deadline between the two firms that will be ended in the coming May. More»

Egyptian fund manager Mohamed Ayad watched his clients lose money for months until he himself became a victim of the stock market's slump. "I was fired with many others when trading volumes went down," said Ayad, a man in his 30s who worked for a securities firm in Cairo until last year. "I have been unable to find a new job as many other people working in the financial sector have also been laid off." Over two years after Egypt's revolution ousted president Hosni Mubarak, the stock market continues to sag, plagued by sluggish trading turnover, a lack of new equity issuance and the reluctance of many big foreign investors to commit money. The effect is being felt well beyond the community of finance professionals in Cairo and Alexandria - the market is viewed as a barometer for business confidence, and its weakness is preventing companies from using it to raise money. Although Egypt's economy is struggling, the market's problems are as much political as economic. Investors feel the government is unsympathetic to them, and inclined to intervene in the market to obtain money or settle political scores. More»

The Egyptian Exchange of the Small and Medium Enterprises (SMEs) – NILEX has ended this week with stocks mostly down; 3 declined, while 2 steadied on Wednesday. The EGX management has announced that it will halt its session for Thursday on the occasion of Sinai Liberation Day. Al-Moasher for Programming and Information Dissemination (AMPI)’s stock has led NILEX downwards as it dived by 3.82% to close at EGP 1.26. Univert for Food Industries (UNFO)’s stock also pushed down by 1.25% to conclude at EGP 0.79. Marseille Almasreia Alkhalegeya For Holding Investment (MAAL)’s stock fell by 0.74% to close at EGP 4.05. The stock has led NILEX value traded as it reached EGP 120.869 thousand distributed to 29.822 thousand securities exchanged through 25 transactions. Meanwhile, the stocks which remained with no change were International Business Corporation For Trading and Agencies - IBC (IBCT) at EGP 7.26 and Utopia Real Estate Investment and Tourism (UTOP) at EGP 7.66. More»

The foreign selling pressures have driven the Egyptian Exchange (EGX) to end this week incurring losses of EGP 450 billion. Local and foreign investors in the country are in full alert to the cash-strapped Egypt's agreement with the International Monetary Fund over a long-awaited US$ 4.8 billion loan, besides the settlement agreement between Orascom Construction Industries and the country's Tax Authority over EGP 14 billion tax claims and the expectant cabinet reshuffle in a move that could help political consensus on IMF’s US$ 4.8 billion. The capital market has reached to EGP 357.153 billion during Wednesday’s closing session. The EGX indices ended Wednesday in red notes. Egypt’s benchmark index EGX30 dipped by 0.22% to close at 5225.24 p; while the EGX20, it also dropped by 0.60% to end at 6027 p. Meanwhile, the mid- and small-cap index, the EGX70 fell by 0.13% to conclude at 448.44 p.  Price index EGX100 inched down by 0.22% to finish 747.93 p. More»

Egypt and Turkey will be soon finalizing the transfer mechanism of funds and securities as soon as the expectant alliance project between the two countries’ stock exchanges comes into force, the head of the Arab nation’s clearing house said on Wednesday. Mohamed Abdel Salam, chairman of Egypt’s Central Clearing, Depository and Registry house (MCDR), told ‘Amwal Al Ghad’ that the tie-up process between the Egyptian and Turkish clearing houses is firmly based on the launch of the alliance project between the Egyptian Exchange (EGX) and Istanbul Stock Exchange (ISE). The alliance project between the EGX and ISE is expected to come into effect within the first half of the current year. Citibank will likely act as the mediator for the EGX-ISE alliance process, for the bank maintains a strong presence in both countries, Abdel Salam noted. The MCDR Chairman further referred that the transfer mechanism of funds and securities with its Turkish counterpart will be finalized after the activation of the Egypt-Turkey bourse alliance. More»

The Egyptian Exchange (EGX) has opened Wednesday’s sessions incurring losses of EGP 340 million driven by early foreign selling pressures. The country is expecting a cabinet reshuffle soon. Egyptian President Mohamed Morsi said on Saturday he planned to reshuffle his cabinet in a move that could help build political consensus around a $4.8 billion loan Cairo is seeking from the International Monetary Fund. The capital market has amounted to EGP 357.263 billion, according to data compiled by Amwal Al Ghad English at 11:17 a.m. Cairo time (09:17 GMT) during Wednesday’s  opening session. The EGX indices opened in red notes on Wednesday. Benchmark EGX30 inched down by 0.32% to 5219.82 p; while EGX20 fell by 0.60% to 6026.58 p. Meanwhile, the mid- and small-cap index, the EGX70 dropped by 0.32% to 447.59 p.  Price index EGX100 declined by 0.28% to 747.48 p. During Wednesday’s  opening session, the trading volume has reached 6.929 million securities worth EGP 24.433 million, exchanged through 1.319 transactions. More»

The Egyptian Exchange (EGX) has pared its midday gains driven by the foreign selling pressures. The EGX has gains of EGP 833 by Tuesday's closing session. The market is in full alert to the cash-strapped Egypt's agreement with the International Monetary Fund over a long-awaited US$ 4.8 billion loan, besides the settlement agreement between Orascom Construction Industries and the country's Tax Authority over EGP 14 billion tax claims. The capital market has reached to EGP 357.603 billion during Tuesday's closing session. The EGX indices ended Tuesday in green notes, except for the mid- and small-cap index, the EGX70 which solely fell. Egypt’s benchmark index EGX30 rose by 0.41% to close at 5236.8 p; while the EGX20, it also advanced by 0.20% to end at 6063.22 p. Meanwhile, the mid- and small-cap index, the EGX70 dipped by 0.46% to conclude at 449.04 p.  Price index EGX100 inched up by 0.49% to finish 749.55 p. More»

The Egyptian Exchange (EGX) has posted remarkable gains of EGP 1.9 billion during Tuesday's midday session backed by local and Arab buyers. The capital market has amounted to EGP 358.707 billion, according to data compiled by Amwal Al Ghad English at 12:52 p.m. Cairo time (10:52 GMT) during Tuesday's midday session. The EGX indices were in green notes. Benchmark EGX30 inched up by 0.73% to 5253.8 p; while EGX20 rose by 0.50% to 6081.06 p. Meanwhile, the mid- and small-cap index, the EGX70 edged up by 0.21% to 452.06 p.  Price index EGX100 increased by 0.58% to 750.23 p. More»

The Egyptian Exchange (EGX) has extended its opening losses by the end of Monday’s sessions. The EGX has incurred losses of EGP 3.8 billion during Monday’s closing session for the market is in full alert of whether cash-strapped Egypt would obtain the International Monetary Fund’s long-awaited US$ 4.8 billion in May as the country’s central bank chief said or within the fourth quarter of 2013 as EFG-Hermes said. The capital market has reached to EGP 356.770 billion during Monday’s closing session. The EGX indices ended Monday in red notes. Egypt’s benchmark index EGX30 dropped by 0.73% to close at 5215.49 p; while the EGX20, it also pushed down by 1.85% to end at 6050.91 p. Meanwhile, the mid- and small-cap index, the EGX70 dipped by 0.39% to conclude at 451.1 p.  Price index EGX100 tumbled by 0.52% to finish 745.93 p. During Monday’s closing, the trading volume hit 83.080 million securities, higher than Sunday’s 70.808 million securities, representing an increase of 12.272 thousand securities. For the traded value, it reached EGP 262.462 million, exchanged through 13.088 thousand transactions. More»