Egypt news

Egypt's Qalaa sees no subscriptions to rights issue
59 minutes ago Egypt's Qalaa sees no subscriptions to rights issue
Cairo – Mubasher: Qalaa Holdings said, in a bourse filing Tuesday it received no subscriptions to shares of increasing issued capital to EGP 9.7 billion from EGP 8 billion. The company’s rights issue opened 2 June and ran for a month till 2 July. …
EGX to continue bearish performance – Analysts
2 hours ago EGX to continue bearish performance – Analysts
Cairo-Mubasher: Egypt’s stock market is expected to continue its negative performance on Tuesday, awaiting new buying powers to push the indices higher, technical analysts told Mubasher. Mona Hassan, chief technical analyst at MubasherTrade, said …
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6 July 02:59 PM Egypt’s domestic liquidity up 12% till April-end
Cairo – Mubasher: Egypt’s domestic liquidity amounted to EGP 1.7 trillion at the end of April, 2015, an increase by 12.1% or EGP 183.8 billion during the period July/April in the fiscal year 2014/2015, said the central bank in its monthly …
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6 July 02:50 PM Egypt bourse hits 15-month low
Cairo-Mubasher: The Egyptian Exchange’s (EGX) indices closed Monday in the red, with the benchmark EGX30 diving 4.23% or 347.47 points to 7870.78 points, its lowest level since 9 April 2014. The small and mid-cap index EGX70 fell 3.08% to 425.02 …
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6 July 11:55 AM ABK cleared by Kuwait’s c.bank to acquire Piraeus Egypt
Kuwait – Mubasher: Al Ahli Bank of Kuwait (ABK) said it was approved by Central Bank of Kuwait on Sunday to acquire a 98.5% stake in Piraeus Bank Egypt. The Kuwaiti bank had agreed with the Greece's Piraeus Bank to acquire the stake in its Egypt …
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6 July 11:51 AM Egypt bourse halts trade on 12 stocks amid slide
Cairo – Mubasher: The Egyptian Exchange management Monday suspended trading on 12 stocks for half an hour due to a slump by more than 5%. Trading was suspended on Arab Cotton Ginning, EFG-Hermes, Ezz Steel, Palm Hills, Madinet Nasr Housing, Arab …
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6 July 10:26 AM Egypt’s c.bank to auction EGP4.75bn in T-bonds
Cairo – Mubasher: The Central Bank of Egypt said it will issue treasury bonds Monday at a total value of EGP 4.75 billion. 5-year bonds will be issued at a value reaching EGP 3 billion, while 10-year bonds will be issued at EGP 1.750 billion.
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6 July 10:18 AM Egypt bourse may test 8120 level on selling pressures – Analysts
 Cairo – Mubasher: The Egyptian Exchange (EGX) is expected to see fluctuations on Monday, amid continued selling pressures on equities, said technical analysts. The benchmark index EGX30 may test the 8120 level, till the emergence of new …
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6 July 10:09 AM Greek FinMin quits after ‘No’ vote
Greek finance minister Yanis Varoufakis resigned Monday, after the debt bailout failed as over 61% of Greek voters have rejected the austerity demands by the country's EU-IMF creditors in a historic referendum. Varoufakis said he was informed …
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5 July 04:32 PM Palm Hills, Madinet Nasr Housing to build housing project
By Ahmed Allam Cairo – Mubasher: Madinet Nasr Housing and Development (MNHD) signed an agreement with Palm Hills Development Co. (PHD) to jointly develop an integrated housing project in east Cairo over an area of 434,000 sqm, said Ahmed El …
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5 July 03:39 PM Alabbar to execute Egypt’s ‘new capital’ despite hurdles
By Amr Adel Dubai – Mubasher: The Egyptian government is continuing ‘positive’ talks with UAE’s businessman Mohamed Alabbar over the execution of the country’s new administrative capital despite difficulties, said a source familiar with details of …
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5 July 03:35 PM Egypt's pound drops to record low against the dollar
Cairo – Mubasher: The Central Bank of Egypt (CBE) said, in its official website the Egyptian pound has depreciated to a new record low against the dollar, reaching 7.80 for buying and 7.83 for selling in the official market Sunday. The bank sold …
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5 July 03:24 PM Egypt stocks fall to 6-1/2 month low; Emaar slids on debut
Cairo – Mubasher: Egypt’s stock market was down on Sunday, as the benchmark index reversed its early rise to end 1.16% or 96.47 points lower at 8218.25 points; its lowest level since 17 December, 2014. Today’s session saw strong fluctuations, as …
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5 July 02:38 PM Emaar Misr debuts on EGX, trades below offer price
By Ahmed Allam: Cairo – Mubasher: Emaar Misr for Development, the Egypt-based subsidiary of UAE’s property firm Emaar, began trading on Cairo bourse at EGP 3.71 per share, which is below the offering price. Emaar stock erased its early gains on …
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5 July 01:40 PM Egypt’s pound weakens to 7.73 against dollar at FX auction
Cairo – Mubasher: The Central Bank of Egypt (CBE) said it sold $39.6 million to banks in a foreign currency auction Sunday, at a cut-off price of 7.73 per dollar. This the second time the pound depreciates against the US currency, as it weakened …
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5 July 12:19 PM Mohandes Insurance plans capital hike
Cairo – Mubasher: Mohandes Insurance said Sunday it is studying an increase in issued and paid-in capital by EGP 25 million to EGP 100 million. The capital increase will be carried out via issuance of bonus shares, which will be financed from this …
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5 July 11:47 AM Emaar Misr drives EGX higher at open
Cairo – Mubasher: Egypt’s stock market rose in Sunday’s early trading, pulled higher by Emaar Misr for Development that debuted today. The benchmark index EGX30 rose 0.90% to reach 8389.8 points, while the small and mid-cap index EGX70 gained …
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5 July 11:46 AM Voters to determine Greece's destiny Sunday
Voters have headed to polling stations from 7 am (04:00 GMT) on Sunday to decide whether or not Greeks choose to accept international creditors' proposals for more austerity in exchange for rescue loans needed to avoid default and a banking …
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5 July 10:58 AM Emaar Misr to target EGP5/share on debut – Analysts
Cairo – Mubasher: Market analysts expect Emaar Misr for Development stock to test the EGP 4.6-5 levels during its first day of trading on the Egyptian Exchange (EGX) Sunday. The stock will likely show a positive movement, backed by strong momentum …
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5 July 10:36 AM Major events on EGX for Sunday
Cairo – Mubasher: Investors in the Egyptian Exchange are anticipating for the upcoming events Sunday related to their listed companies. Emaar Misr for Development will list its shares following its capital increase. National Company for Maize …
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5 July 10:26 AM Egypt bourse seen ‘positive’ on Emaar debut
Cairo – Mubasher: The Egyptian Exchange will likely move higher this week, powered by start of trading on Emaar Misr shares, coupled with expected uptrend during July, according to technical analysts. Mohamed Gaballah, head of trading at Tawfik …
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4 July 10:22 AM Alexandria Containers seen posting EGP 600m profits for 2015
Cairo-Mubasher: Alexandria Container and Cargo Handling is expected to report more than EGP 600 million in net earnings for 2015, after excluding the exceptional  gains such as the foreign currency exchange differences, MubasherTrade said in a …
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3 July 04:23 PM Egypt to raise above EGP250bn in T-bills, bonds
Cairo – Mubasher: Egypt’s finance ministry plans to issue treasury bills and bonds at a total value of EGP 262 billion during the first quarter of the fiscal year 2015/2016. 91-, 182-, 273- and 364-day T-bills will be offered at EGP 35.5 billion, …
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3 July 03:22 PM Egypt to spend EGP38bn in infrastructure during 2015/16
Cairo – Mubasher: Egypt’s government will invest around EGP 37.8 billion in infrastructure during the fiscal year 2015/2016, announced the planning ministry. The state treasury will contribute EGP 25.5 billion, or 50.4% of total investments, which …
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3 July 03:06 PM New chemical projects to be offered for public subscription – CIHC chairman
Cairo-Mubasher: The new projects carried out by chemical companies will be offered for public subscription, to provide the necessary financing, said Reda El-Edel, chairman of Chemical Industries Holding Co. (CIHC). He added that the first project …
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