Egypt news

Egypt news

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29 May 03:29 PM Gold steadies above 2-1/2 week low
Dubai – Mubasher: Gold prices steadies on Friday above their lowest level in two weeks and a half, as the precious metal is set to decline for the second straight week.At 09:15 GMT, gold spot prices reached $1188.30 an ounce, unchanged from …
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29 May 02:56 PM Oil prices rise on lower US inventory
Dubai – Mubasher: Global crude oil futures rose around 1% on Friday after U.S. data showed a drop in inventories for the fourth successive week.Oil prices were set for a weekly drop on a stronger dollar.Bent lost around 4% this week to continue …
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29 May 02:16 AM IMF, Egypt to discuss stock market tax in June
Cairo – Mubasher: Egypt’s government has an ambitious economic plan that aims to fulfill aspirations of the people, said William Murray of the Communication's Department at the International Monetary Fund.Implementation of such a plan requires …
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28 May 05:18 PM Egypt’s stock market loses $450m in a week
Cairo – Mubasher: Egypt’s local bourse were down this week, losing around EGP 3.4 billion ($449.9 million), as it was pressured by foreign and Arab traders that were mostly sellers.Egypt’s investment minister Ashraf Salman said Thursday that …
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28 May 04:37 PM Arab Cotton Ginning 9M losses widen 455.8%
Cairo – Mubasher: Arab Cotton Ginning Co. posted a 455.8% surge in consolidated net loss for the nine-month period ended 31 March, according to a bourse filing Thursday.The ginning company logged EGP 36.1 million ($4.7 million) in net loss, …
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28 May 04:06 PM Egypt stocks lose EGP 2.5bn on institutional sell-offs
Cairo – Mubasher: The Egyptian Exchange (EGX) indices fell on Thursday and the market capitalisation lost around EGP 2.5 billion amid selling pressures from institutions.The benchmark index EGX30 drifted 0.61% or 54.66 points lower to close at …
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28 May 12:33 PM EGX tax delay to be endorsed in 3 weeks – Minister
Cairo – Mubasher: Egypt’s President Abdel-Fattah El-Sisi will issue a decree in three weeks to endorse postponement of a much-debated capital gains tax, said the country’s investment minister, Ashraf Salman.The endorsement will take effect …
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28 May 11:52 AM Telecom Egypt names new chairman, CEO
Cairo – Mubasher: The board of landline operator Telecom Egypt (TE), in a meeting held Wednesday, named Mohamed Salem as chairman and Osama Yassin as CEO.Earlier on Wednesday, Egypt’s Prime Minister Ibrahim Mahleb issued a decree that saw the …
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28 May 11:26 AM Sinai Cement turns to loss in first quarter
Cairo – Mubasher: Sinai Cement Co. said Thursday it logged EGP 11 million ($1.4 million) in consolidated net losses for the first quarter of 2015, against EGP 36 million ($4.7 million) in net profits in the same period a year earlier.The cement …
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28 May 11:19 AM Asian stocks end on mixed note
Asian stock markets ended Thursday on mixed board, as Japan’s Nikkei Index gained 79 points to settle at 20,551 points, backed by retail sales which rose 5% in April for the first time in four months on an annual basis.China’s Shanghai Index …
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28 May 10:55 AM Tameer EGM endorses stock split
Cairo – Mubasher: Development & Engineering Consultants Co. (Tameer) said it was cleared by the firm’s extraordinary general meeting (EGM) to reduce the stock’s par value to EGP 9 from EGP 14.The EGM also approved amending articles of …
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28 May 10:51 AM Arab Moltaqa Q1 profits slump 79%
Cairo – Mubasher: Arab Moltaqa Investments Co. (AMIC) posted a 78.8% fall in consolidated net profits, including minority interest, for the first quarter of 2015 to EGP 1.2 million ($156,000), from EGP 5.8 million ($758,000) in the same period a …
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28 May 10:42 AM EGX to continue sideways movement – Analysts
Cairo-Mubasher: The Egyptian Exchange (EGX) is forecasted to continue its sideways movement on Thursday, with the indices approaching their support levels, at which buying powers will emerge to push the indices higher, said technical analysts.Mona …
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28 May 10:37 AM Egypt bourse changes EGX30 methodology, to launch new index
Cairo – Mubasher: The Egyptian Exchange (EGX) announced that it plans to carry out a number of structural changes to the methodology of its indices.In an exceptional meeting held Wednesday, the EGX indices committee agreed on changes to the …
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28 May 10:37 AM S&P revises outlooks for 3 Egyptian banks to ‘Positive’
Cairo – Mubasher: Standard and Poor's Rating Services said Wednesday that it revised its outlooks on National Bank of Egypt (NBE), Banque Misr (BM), and Commercial International Bank - Egypt (CIB) to ‘Positive’ from ‘Stable’.“We affirmed our …
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28 May 09:46 AM Major events on EGX for Thursday
Cairo-Mubasher: Investors are anticipating the following major events on the Egyptian bourse on Thursday: Record date for Qalaa secondary offering to increase authorised capital from EGP 9 billion to EGP 10 billion and paid-up capital from EGP 8 …
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27 May 03:58 PM Egypt equities gain EGP 658m on retail buying
Cairo – Mubasher: The Egyptian Exchange (EGX) indices ended on a mixed note at the close of Wednesday’s session, while the market capitalisation added around EGP 658.4 million, buoyed by a buying spree among retail traders.The benchmark index …
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27 May 02:44 PM New gov’t representatives appointed to Telecom Egypt board
Cairo – Mubasher: Egypt’s Prime Minister Ibrahim Mahleb issued a decree on Wednesday that saw the appointment of new government representatives to the board of state-owned landline monopoly Telecom Egypt (TE).The new board members are: Mohamed …
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27 May 02:40 PM Kuwait’s Agility to invest $1bn in new Suez Canal
By Ahmed AwadKuwait – Mubasher: Kuwaiti logistics firm Agility is intending to invest $1 billion in Egypt’s economy, said deputy chairman Tarek Al-Sultan.The company will launch investments in the new Suez Canal project, which will be mainly in …
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27 May 02:10 PM Telecom Egypt removes CEO – Source
Cairo – Mubasher: The board of landline monopoly Telecom Egypt (TE) decided to replace the company’s CEO, Mohamed El-Nawawy, a source told Mubasher.The company’s stock was halted from trading on Wednesday untill the local bourse receives a …
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27 May 12:50 PM Telecom Egypt mulls share buyback
Cairo – Mubasher: Telecom Egypt, the country’s landline monopoly, said Wednesday that its board will consider a proposal made by the executive management to repurchase shares, after the stock’s market price fell below its par value.The company’s …
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27 May 11:32 AM First Investment plans capital raise in Q3
Cairo – Mubasher: First Investment and Real Estate Development is considering an increase in issued and paid-in capital to EGP 25 million, from EGP 5 million during the third quarter of 2015, the company said in a bourse filing …
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27 May 11:31 AM Bisco Misr begins steps for stock delisting
Cairo – Mubasher: Egypt’s snack maker Bisco Misr said Wednesday that its board called for an extraordinary general meeting (EGM) to look into delisting from the Egyptian bourse.The company’s articles of incorporation will be amended …
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27 May 11:26 AM El Shams Housing board approves capital hike
Cairo – Mubasher: El Shams Housing and Urbanization said its board of directors agreed on an increase in issued capital to EGP 110 million from EGP 100 million.The EGP 10 million increase will be divided into 10 million shares at EGP 1 par value …
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27 May 11:22 AM Noor awaits good offer for Meezan Bank stake
Written by: Ahmed AwaadKuwait's Noor Financial Investment Co.'s proposed sale of its stake in Karachi-based Meezan Bank pending it receives a good offer, said Fahd Al-Khalid, chairman.Noor Financial holds 49.11% shares of Meezan Bank and its …
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