During Monday’s midday, the Egyptian Exchange (EGX) has incurred losses of EGP 2.1 billion driven by the non-Arab foreign selling pressures. The capital market has amounted to EGP 361.846 billion, according to data compiled by Amwal Al Ghad English at 1:11 p.m. Cairo time (11:11 GMT) during Monday’s midday session. The EGX indices were in red notes during the midday session. Benchmark EGX30 tumbled by 0.57% to 5269.98 p; while EGX20 inched down by 0.77% to 6150.38 p. Meanwhile, the mid- and small-cap index, the EGX70 pushed down by 1.06% to 453.35 p.  Price index EGX100 declined by 0.91% to 756.13 p. During Monday’s midday session, the trading volume has reached 60.070 million securities worth EGP 210.380 million, exchanged through 13.628 transactions. This was after trading in 148 listed securities; 102 declined, 16 advanced; while 30 keeping their previous levels. More»

The stamp tax on the Egyptian bourse’s daily selling and buying transactions will reversely affect the country’s investment climate and will likely discourage investors who will shy away from trading, said the salafist El-Nour party senior member. This comes after Shura Council (Egypt’s Upper House) has ratified a draft as regard to amending the stamp tax on the Egyptian Exchange (EGX). Salah Abdel Maboud, a leading member of the Salafi Nour Party, said the stamp tax on the EGX will turn the Egyptian market less competitive and attractive than other market in the region. It is worth noting that the El-Nour’ Upper House representatives  has abstained to vote for the EGX stamp tax draft. Abdel Maboud has referred the government’s stamp tax draft as lacking transparency. As pursuant to the recently-approved draft, the stamp tax shall be imposed on the EGX’s daily selling and buying transactions at 0.001. More»

The Egyptian Exchange (EGX) has ended Sunday’s session posting gains of EGP 3 billion powered by investors’ optimisms that Orascom Construction Industries’ announcement about reaching a final settlement agreement with Tax Authority within the current week. The capital market has reached to EGP 363.942 billion during Sunday’s closing session. The EGX indices ended Sunday in green notes. Egypt’s benchmark index EGX30 climbed by 1.32% to close at 5300.28 p; while the EGX20, it also surged by 1.52% to end at 6197.95 p. Meanwhile, the mid- and small-cap index, the EGX70 inched up by 0.78% to conclude at 458.19 p.  Price index EGX100 advanced by 0.85% to finish at 763.1 p. During Sunday’s closing, the trading volume hit 100.506 million securities, less than Thursday’s 129.362 million securities, representing a decline of 28.856 thousand securities. For the traded value, it reached EGP 345.198 million, exchanged 20.795 thousand transactions. More»

The Egyptian Exchange’s management has released on Sunday the list of the EGX-listed firms qualified to practice a number of bourse systems, notably the same-day trading mechanism (T+0) which is expected to return to the Egyptian market very soon. In the EGX’s list, there are around 102 listed firms. The EGX’s list for the firms ready to practice the T+0 Mechanism includes; More»

The Egyptian Exchange (EGX) has opened this week posting gains of EGP 960 million powered by Orascom Construction Industries’ announcements as regard to reaching a final settlement agreement with Tax Authority within the current week. The capital market has amounted to EGP 361.984 billion, according to data compiled by Amwal Al Ghad English at 11:05 a.m. Cairo time (09:05 GMT) during Sunday’s opening session. The EGX indices opened this week in green notes. Benchmark EGX30 inched up by 0.36% to 5250.39 p; while EGX20 rose by 0.58% to 6140.48 p. Meanwhile, the mid- and small-cap index, the EGX70 advanced by 0.21% to 455.58 p.  Price index EGX100 went up by 0.23% to 758.39 p. During Sunday’s opening session, the trading volume has reached 11.829 million securities worth EGP 33.319 million, exchanged through 1.862 transactions. More»

According to a recent report released by the global leader in business intelligence Oxford Business Group, the stock market in Egypt got off to a bullish start in 2013, but political deadlock, ongoing unrest across the country, a rising government budget deficit, foreign reserve losses and currency depreciation have all seen the Egyptian Exchange (EGX) struggle in recent weeks. A recent government decision to impose a tax on all EGX transactions is likely to contribute to continued unstable performance. The market reached a three-week high on February 5, but the main EGX30 Index fell 1.8% the following day and has not recovered since. The week of February 18, the total value of shares for companies listed on the EGX dropped EGP 5.5bn ($816m), and the benchmark index fell to 5627 points. Since February 21, the EGX30 has fallen 80.5 points, exacerbated by investor concerns over the country’s inability to secure a $4.8bn loan agreed by the IMF. Egypt signed a preliminary deal for the loan with the institution last November, but delayed final agreement fearing a backlash among its people against austerity policies in the run-up to a referendum on the new constitution. Despite the EGX30’s January show of resilience, the index remains nearly 1000 points below its closing mark two years ago on the eve of the uprising that ousted President Hosni Mubarak. Pre-revolution the index breached 6000. A recent decision to impose a 0.001% tax on all EGX trades could make investors even more cautious. The tax, part of a modified economic program to shore up the budget deficit in the hopes of obtaining the IMF loan, is accompanied by increases in sales taxes on several commodities and fuel price hikes for energy-intensive industries. 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 458 thousand securities worth EGP 536 thousand, seizing 44.8% of the total traded value. Through the week, The Egyptian Exchange of SMEs - NILEX has reported a volume of trades of one million securities worth EGP 2.6 million exchanged through 626 transactions. Marseille Almasreia Alkhalegeya For Holding Investment (MAAL)has ranked again second as its volume of trades amounted to 235 thousand securities worth EGP 915 thousand. Univert for Food Industries (UNFO) has come third as its volume of trades reached 137 thousand securities worth EGP 111 thousand. Fourthly, Port Saied for Agricultural Development and Construction (PSAD) has recorded a volume of trades reached 77 thousand securities worth EGP 304 thousand. Fifthly, International Business Corporation For Trading and Agencies - IBC (IBCT) has recorded a volume of trades reached 45 thousand worth EPG 312 thousand. More»

During last week trading, Orascom Telecom Media & Technology Holding (OTMT.CA) has managed to become on the top ten active firms listed on the Egyptian Exchange (EGX). OTMT’s volume of trades hit 175.2 million securities worth EGP 88.3 million. Palm Hills Developments (PHDC.CA) has come second as its volume of trades amounted to 60.3 million securities worth EPG 121.7 million. Orascom Telecom Holding (OTH) (ORTE.CA) has shown to be the third as its volume of trades hit 24.7 million securities worth EGP 112.3 million. Fourthly, Arab Investment and Development (formerly AIC Contracting) (AIND.CA) has had a volume of trades hit 21.8 million securities worth EGP 10.3 million. Fifthly, Citadel Capital (CCAP.CA) has had a volume of trades reached 14.8 million securities worth EGP 48.5 million. More»

In a week, the Egyptian Exchange has hit a two-week high posting remarkable gains of EGP 12.3 billion powered by cancelling the taxes on acquisitions, mergers and dividends in the bourse besides the Qatari pledges to buying t-bonds worth US$3 billion. The capital market has hit EGP 361.024 billion at the end of last week, compared to EGP 348.707 billion at the end of a week earlier. Egypt’s stock exchange benchmark EGX 30 index soared by 4.9% this week, representing an increase of 246.42 points, ending Thursday’s transactions at 5231.47 points compared to 4985.05 points at the end of last week. EGX30 hit its highest point on Thursday closing at 5231.47 points, where its lowest point reported on Sunday at 5032.72 points. More»

Egypt’s Prime Minister Hisham Kandil has named on Thursday Dr. Mohamed Ahmed Mohamed Maiet the new Vice Chairman of the country’s Financial Supervisory Authority (EFSA) for one year. According to the Cabinet’s decree No. 337/2013, Dr. Mohamed Maiet has appointed the Vice Chairman of the Egyptian financial regulator. More»