Egypt news

the rebound of some global markets may lead GCC bourses to gains once again - Photo Credit: Reuters
2 hours ago GCC bourses likely to improve Tuesday – Analysts
By Mahmoud Gamal Mubasher: Most GCC equity markets are forecast to keep witnessing a volatile performance on Tuesday with a chance to rise on the recovery of some world markets and investors' tendency for better monthly closings, according to …
Profits reached EGP 15.37 million in H1 - (Photo Credit: Arabianeye-Reuters)
29 August 06:13 PM Sinai Cement turns profitable in Q2
Cairo - Mubasher: Sinai Cement reported a net profit of EGP 52.6 million ($5.8 million) in the second quarter of 2016, versus a net loss of EGP 17.6 ($1.9 million) in the same period last year. Profits reached EGP 15.37 million ($1.7 million) in …
Egyptian Exchange
29 August 04:24 PM Egypt’s bourse extends losses for third day in row
Cairo – Mubasher: The Egyptian Exchange closed in the red zone for the third day in row on selling pressures by foreign investors. The benchmark index EGX30 lost 0.25% or 19.8 points to close at 8,032.4 points, while the small and medium caps …
Port Said Agricultural losses widen in H1
29 August 04:02 PM Port Said Agricultural losses widen in H1
Cairo – Mubasher: Port Said Agricultural Development and Construction said it suffered more losses in the first half of 2016, as it reached EGP 43,900. The company’s losses widened by 34.5% y-o-y in H1-2016,compared with EGP 32,600 for the same …
El Nasr Agricultural to auction 27,185 square meter land plot
29 August 02:52 PM El Nasr Agricultural to auction 27,185 square meter land plot
Cairo – Mubasher: El Nasr for Manufacturing Agricultural Crops said it will auction a 27,185 square meter land plot through a sealed bid auction, on 5 September 2016. Previously, the company said it will use the proceeds of selling the land to …
Photo Credit: Arabianeye-Reuters
29 August 02:35 PM Private funds to allocate 15% revenues to CBE
Cairo – Mubasher:  The Egyptian finance ministry said on Monday that private equity funds will be obliged to transfer 15% of their monthly revenue to the Central Bank of Egypt (CBE), as part of the plan set for rationalising spending and backing …
Oil prices decreased1.2% in global markets - (Photo Credit: Arabianeye-Reuters)
29 August 01:27 PM Oman oil down 30 cents
Mubasher: The price of Oman oil for October’s delivery declined 30 cents on Monday, and reached $45.85 compared to $46.15 on Friday, according to the Dubai Mercantile Exchange. Similarly, Oman oil’s average price for September’s delivery recorded …
Arabia Investments project
29 August 01:16 PM Arabia Investments rejects BPE Partners non-binding offer
Cairo – Mubasher: Arabia Investments, Development and Financial Investment Holding Co. said it rejected the non-binding offer submitted by BPE Partners (formerly Beltone Private Equity) in partnership with Sigma capital, to buy Arabia Investments’ …
The first phase of the project is expected to produce 700 million cubic meters from NEDECo - Photo Credit: Reuters
29 August 12:18 PM Egypt to develop West Baltim, NEDECO gas fields
Cairo – Mubasher: Egypt's Ministry of Petroleum is about to finalize the development project of West Baltim and NEDECO gas fields, according to a statement on Monday. The ministry aims at increasing the production through upgrading and drilling …
EGX headquarters - Photo Credit: Mubasher
29 August 11:51 AM Cairo bourse opens on mixed note
Cairo – Mubasher: The Egyptian Exchange opened Monday's trading session on a mixed note by 10:45am Cairo time. The benchmark index EGX30 added 50.34 points, or 0.63%, to reach 8,102.6 points. Meanwhile the small and mid-cap EGX70 and broader index …
Heliopolis Housing in talks over EGP388m credit facility
29 August 11:24 AM Heliopolis Housing in talks over EGP388m credit facility
Cairo – Mubasher: Heliopolis Company for Housing and Development in the middle of negotiations with number of banks to secure a credit facility of EGP 388 million, Investors Relations Manager, Bahaa AL Dein Fattoh told Mubasher. The company …
The management is still showing interest to expand inside Egypt - Photo Credit: Mubasher
29 August 11:07 AM Pharos leaves Cleopatra Hospital's FV unchanged
Mubasher: Pharos Research placed a 'Hold' recommendation on Cleopatra Hospital's stock, marinating the fair value (FV) at EGP 10.95 per share in spite of than estimates, according to a research note on Sunday. The medical care provider earlier …
H1 net profits fell to EGP 22.56 million - Photo Credit: Company's Website
29 August 10:55 AM Arabia Investments' consolidated Q2 profits down 13%
Cairo – Mubasher: Arabia Investments, Development and Financial Investment Holding reported a decline in its consolidated net profits for the second quarter and first half of 2016, according to a bourse filing on Monday. Q1 net profits declined …
Egypt’s tourist arrivals drop 41.9% in July
29 August 10:40 AM Egypt’s tourist arrivals drop 41.9% in July
Cairo – Mubasher: The number of arriving tourists to Egypt from all over the world reached 529,900 tourists during July 2016 compared to 911,600 tourists during the similar period of 2015, down 41.9%. The most important countries that influenced …
Deputy Finance Minister Amr Al-Mounir - Photo Credit: Mubasher
29 August 09:34 AM Egypt's estimated revenues to fall on 13% VAT rate
By El-Sayed Solyman Cairo – Mubasher: Egypt's estimated revenue for the fiscal year 2016/17 are likely to decline by EGP 12 billion after lowering the valued-added tax (VAT) rate at 13%, Deputy Finance Minister Amr Al-Mounir said on Sunday.   "The …
EGX trading floor  - Photo Credit: Mubasher
29 August 09:31 AM Egypt's bourse likely to extend profit taking - Analysts
Cairo – Mubasher: Profit-taking on the Egyptian Stock Exchange (EGX) is likely to continue on Monday amid lack of positive data, analysts told Mubasher. Ayman Fouda, head of capital market committee at the African Economic Council, expected …
The Ministry of Finance - Photo Credit: Mubasher
29 August 09:09 AM Egypt’s c.bank to auction EGP 3bn T-bonds today
Cairo – Mubasher: The Central bank of Egypt would issue EGP 3 billion in treasury bonds through two tranches on Monday, according to the bank's website. The first tranche is five-year bonds worth EGP 2.5 billion, while the second is ten-year bonds …
Egypt consumes 15 million tons of wheat per year - Photo Credit: Reuters
29 August 08:49 AM Egypt bans ergot-infected wheat imports
Cairo – Mubasher: Egypt has decided to only receive ergot fungus-free wheat imports as per the decree no. 1117/2016, said agriculture Minister Essam Fayed on Sunday. Earlier, the ministry announced accepting wheat imports containing 0.05% of the …
Photo Credit: Arabianeye - Reuters
29 August 08:23 AM Egypt's parliament nods for 13% VAT rat
By El-Sayed Solyman Cairo – Mubasher: Egypt's House of Representatives approved the value-added tax (VAT) at a rate of 13% for the fiscal year 2016/17, Ashraf El-Araby, a member of the Economic Committee, told Mubasher on Sunday. "The parliament …
Iran's statement is a new obstacle in the road - Photo Credit: Reuters
29 August 06:20 AM Oil prices down 1.2% on oversupply data
Mubasher: Oil prices declined by 1.2% early Monday as Iraq decided to raise the output and Iran announced it would only encourage output freeze agreement, if other exporters recognized its right to fully reclaim the country's market share. By …
"Portfolios formed a new selling power on Sunday" - Photo Credit: Reuters
29 August 05:31 AM GCC bourses' fluctuation likely to continue Monday – Analysts
By Mahmoud Gamal Mubasher: GCC stock markets are forecast to keep putting in a volatile performance on Monday amid investors' growing concerns over world markets in spite of some stimulating six-month financials, according to analysts. Most major …
Egyptian Exchange (EGX)
28 August 04:07 PM EGX benchmark down 0.97% on foreign investors selloff
Cairo – Mubasher: The Egyptian Exchange (EGX) closed on negative note on Sunday, on selling spree by foreign investors. The benchmark index EGX30 went down 0.97% or 79.26 points to the level of 8,050.23 points. The small and medium caps index …
Brent prices are likely to average $61 bp next year (Photo Credit: Arabianeye-Reuters)
28 August 03:47 PM Brent crude oil to reach $55 pb by year-end
Mubasher: Brent crude oil is expected to reach $55 per barrel (pb) by December 2016, in line with continued demand strength in 2016, according to BofA Merrill Lynch Global Research. Although oil demand is slowing down to 1.2 million barrel per day …
Misr Chemical Industries
28 August 03:09 PM Misr Chemical Industries profits decline 68% in July
Cairo – Mubasher: Misr Chemical Industries reported net profits of EGP 3.2 million in July 2016. Misr Chemical Industries posted a decline of 20% in net profits for the fiscal year ended 30 June 2016, as it reached EGP 28.8 million. The company’s …
The total value of agreements signed with KSA is $25 billion- (Photo Credit: Arabianeye-Reuters)
28 August 02:17 PM Egypt receives $300m from KSA to develop Sinai
By: Mostafa Adel Cairo – Mubasher: Egypt received $300 million from Saudi Arabia as a first installment to finance projects in Sinai Peninsula, according to sources in the Central Bank of Egypt (CBE). The total value of agreements signed with the …