Egypt news

GCC bourses' volatile performance is expected to continue - (Photo Credit: Reuters)
2 hours ago Foreigners' appetite for GCC stocks to continue despite downturn – analysts
By Mahmoud Gamal Mubasher: GCC stock markets are forecast to give a sideways performance with downward movements on Wednesday amid mixed oil prices and world stock markets that are waiting for US Federal meeting's decision over interest rates, …
Crude inventories are forecasted to see a slide of 2.6 million barrels - (Photo Credit: Reuters)
3 hours ago U.S. crude supplies fell 800,000 barrels
Mubasher: U.S. crude supplies roughly fell by 800,000 barrels for the week ended July 22, said the American Petroleum Institute (API) on Tuesday. Crude inventories are forecasted to see a slide of 2.6 million barrels, according to analysts polled …
Egyptian minister of international cooperation Sahar Nasr - (Photo Credit: Ministry Website)
26 July 05:04 PM EBRD earmarks $1.9bn to Egypt’s SMEs
Cairo – Mubasher: The finance portfolio for Egypt at the European Bank for Reconstruction and Development’s (EBRD) amounts to EUR 1.7 billion ($1.87 billion), the Egyptian minister of international cooperation Sahar Nasr said in a press release on …
Egyptian Exchange
26 July 04:00 PM Egypt's bourse erases early gains on local institutions selling activity
Cairo – Mubasher: The Egyptian stocks closed lower on Tuesday, as the selling activity of local institutions offset early gains. The benchmark index EGX 30 erased its early gains as it lost 0.30% or 22.21 points to close at 7,539.99 points after …
Akzo Nobel Powder Coatings plant
26 July 01:36 PM AkzoNobel fully acquires powder coatings venture in Egypt
Cairo – Mubasher: AkzoNobel has raised its stake in Akzo Nobel Powder Coatings  in Egypt from 60%to 100%. The transaction forms part of the company’s accelerated growth strategy for Egypt and the wider North Africa region.  As well as operating a …
Central Bank of Egypt (CBE)
26 July 01:17 PM Egypt's central Bank likely to keep pound unchanged against US dollar – Sources
Cairo – Mubasher: The Central Bank of Egypt (CBE) is forseen to maintain the Egyptian pound stable against the US dollar at its weekly foreign exchange auction on Tuesday, banking sources said. Bets on the pound’s devaluation tend to peak ahead of …
a snapshot of the signature ceremony
26 July 12:01 PM Egypt, Japan ink $18m financing deal
Cairo – Mubasher: Both the Egyptian and Japanese governments have signed a grant agreement worth $18 million (2 billion Yen), said Minister of International Cooperation Sahar Nasr on Tuesday. The grant aims at financing the supply of research and …
Egyptian Exchange
26 July 11:53 AM EGX indices move higher in early trading
Cairo – Mubasher: The Egyptian Exchange (EGX) moved higher in Tuesday’s session early trading, as the benchmark index EGX30 gained 1.2% or 90 points reaching the level of 7,607 points. The stocks of EGX30’s largest constituent and Egypt’s largest …
Egypt oil minister signs oil exploration deal
26 July 11:41 AM Egypt signs two oil and gas exploration deals
Cairo – Mubasher: Egypt signed two oil and gas exploration contracts worth $4.3 million with two foreign companies, said oil ministry. The deals were signed by the South Valley Holding Company for Petroleum (Ganope) with Improved Petroleum …
Egyptian Exchange
26 July 11:15 AM EGX insider traders move towards buying
Cairo – Mubasher: The Egyptian Exchange (EGX) data for Monday, 25 July, showed that insider traders were mostly buyers, as Cairo Development and Investment took the lead. Insider traders witnessed only one selling transaction by the board of …
EGX trading bell - (Photo Credit: Reuters)
26 July 10:10 AM EGX sideways trend to continue amid lack of stimulus - analysts
Cairo – Mubasher: The Egyptian Exchange's (EGX) sideways performance is likely to continue in the mid-week trading session amid speculation about devaluing the Egyptian pound  at Tuesday's FX regular auction, said analysts. The benchmark index is …
Photo Credit: Reuters
26 July 10:08 AM Japan's indices close on lower note
Mubasher: Japan's indices finished Tuesday in the red zone for the second straight session after Tokyo attack.  The Nikkei index declined by 1.4% to16383.04 points. The broader TOPIX index also fell by 1.39% to 1306.94 points, By 7:40 GMT, US …
Cleopatra decided not to pay out dividends in 2016 and 2017 (Photo Credit: Company's Website)
26 July 09:41 AM Beltone sets Cleopatra Hospital FV at EGP 10
Cairo-Mubasher: Beltone Financial Research set the fair value (FV) of Cleopatra Hospital Company at EGP 10, with assigning a "Buy" recommendation, according to a statement. The FV reflected a 8% possible rise in Cleopatra’s stock from its recently …
Investors are advised to engage in trades cautiously - (Photo Credit: Reuters)
26 July 07:28 AM Gold prices slip ahead of Fed meeting
Mubasher: Gold prices saw a slide on Tuesday early morning amid a process of profit-taking before the US Federal meeting that is expected to hike interest rates, said analysts. By 4:15 GMT, spot gold fell by 0.32% to $1322.90 per ounce. US gold …
US dollar index declined 0.07% to 97.21
26 July 06:58 AM Oil prices rise in early trade
By: Mahmoud Gamal Mubasher: Oil prices opened Tuesday on a higher note in Asia, but are still moving near the lowest mark registered in three months. By 3:50am GMT, Brent crude oil futures rose by 0.40% to $45.31 after closing Monday at $44.72 per …
Trader at Dubai Stock Market - (Photo Credit: Reuters)
26 July 06:21 AM GCC traders likely to have buying appetite for blue-chips - analysts
Mubasher: GCC equity markets are expected to give sideways performance with upward movements in spite of global markets' mixed closings and lower oil prices, said analysts. Traders, foreign ones in particular, are likely to refocus on blue-chip …
The loans will be used to finance a total of 1,306 projects (Photo Credit: Press Release)
25 July 05:22 PM Kabil: Industrial loans up 19% in 6M
Cairo - Mubasher: Egyptian minister of trade and industry Tarek Kabil said on Monday that the Industrial Development Authority (IDA) has approved a total of EGP 21.3 billion ($239.84 million) in loans during the first half of 2016. The loans will …
Delta Sugar company (Photo Credit: Company website)
25 July 05:20 PM Delta Sugar profits surge 93% in H1
Cairo – Mubasher: Delta Sugar reported an increase of 93% in net profits for the first half of 2016. The Egyptian listed firm saw net profits of EGP 61.9 million in the first half of 2016, up from EGP 32 million for the same period a year earlier. …
Egyptian Exchange
25 July 04:22 PM Egypt equities end in green zone on foreign, Arab investors buying activity
Cairo – Mubasher: The Egyptian Exchange (EGX) extended its gains on Monday amid buying activity by both foreign and Arab investors. The benchmark index EGX30 added 0.72% or 54 points to close at 7,517.78 points, while the small and mid-caps index …
fertilizers plant (Photo Credit: Reuters Arabia)
25 July 03:41 PM Kuwait Gate Holding signs settlement agreement with Egypt’s finance ministry
Cairo – Mubasher: The Ministry of Finance said the cabinet approved the settlement agreement with Kuwait Gate Holding Co. According to this agreement, the Kuwaiti company will concede all the indemnities that amount to $1.2 billion it required …
Gasco plant (Photo Credit: Company website)
25 July 02:43 PM Ministry of Petroleum studies new projects in western desert gas complex
Cairo – Mubasher: Egypt’s Ministry of Petroleum said it is currently studying implementing three projects in the western desert gas complex to extract LPG & condensates, Ethane /propane mixture and commercial propane. Western desert gas complex is …
OFID signs an agreement with Egypt’s Ministry of International Cooperation
25 July 01:47 PM OFID allocates $40 million for Egypt’s SME
Cairo – Mubasher: Egypt’s Ministry of International Cooperation signed a loan agreement with OPEC Fund for International Development (OFID) amounts to $40 million (EGP 356 million). The loan will be obtained by the Egyptian Social Fund for …
اHead quarter of Ajwa Group for Food Industries (Photo Credit: company website)
25 July 12:09 PM Ajwa denies court rule to pay EGP 56m compensations
Cairo – Mubasher: Ajwa Group for Food Industries – Egypt negated that a court has issued a rule that obligates it to pay compensations amount to EGP 56 million to investors. The Egyptian food stuff producer stated that it has earlier appealed …
EGX trading floor - (Photo Credit: Mubasher)
25 July 11:36 AM EGX indices open on mixed note
  Cairo – Mubasher: The Egyptian Exchange (EGX) opened Monday's trading session on a mixed note. By 10:30am Cairo time, the main index fell by 0.11% to the mark of 7,455 points. Tracking EGX30 stocks, CIB, Beltone, SODIC, and Global telecom rose …
Cement  - ( Photo Credit: Reuters Arabia)
25 July 11:16 AM Economic court adjourns law suit against Arabian Cement
Cairo – Mubahser: ‎Arabian Cement said that the Economic Court adjourned the lawsuit filed by the shareholder Faaek Al Boreny against the company until 24 September 2016, according to a bourse filing. Al Boreny filed the lawsuit to official annual …