Egypt news

EGX indices end in red zone, equities shed $127m
2 August 04:00 PM EGX indices end in red zone, equities shed $127m
Cairo – Mubasher: The Egyptian Exchange (EGX) indices reiterated collectively on Sunday, as the market capitalization lost EGP 997.5 million ($127 million) pressured by Arab institutions and retail traders sell-off. The benchmark index EGX30 slid …
Egypt’s pound records 7.73 against dollar at FX auction
2 August 03:00 PM Egypt’s pound records 7.73 against dollar at FX auction
Cairo – Mubasher: The Central Bank of Egypt (CBE) said it sold $37.7 million to banks in a foreign currency auction Sunday, at a cut-off price of 7.73 per dollar The bank has allowed the dollar to rise by EGP 0.20 each to EGP 7.73 during last …
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2 August 02:43 PM Assiut Islamic Trading profits surge 256% in H1
Cairo – Mubasher: Assiut Islamic Trading's net profits for the first half of 2015 leaped 256.5% to EGP 1.36 million compared with EGP 382,770 for the same period of 2014. Meanwhile, the company's total income reached EGP 3.56 million for H1-2015, …
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2 August 12:06 PM ASCOM narrows H1 losses by 60%
Cairo – Mubasher: Asek Company for Mining (ASCOM)narrowed its losses in the first half of 2015 by 60% to EGP 7.4 million, compared with EGP 18.8 million for the same period of the previous year. Meanwhile, the company's revenues stood at EGP 376.8 …
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2 August 11:58 AM EFIC unconsolidated profits decline 63% in H1
Cairo – Mubasher: Egyptian Financial and Industrial (EFIC) posted EGP 5.26 in unconsolidated net profits for the first half of 2015, compared with EGP 14.36 million for the same period of the previous year, a decline of 63%. The company's gross …
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2 August 11:48 AM Abu Qir Fertilizers to establish new scheme
Cairo – Mubasher: The board of directors of Abu Qir Fertilizers gave a nod to establish new factory for producing plastic bags with annual production capacity of 40 million bags, at total investment cost of EGP 54 million. Meanwhile, the company's …
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2 August 11:39 AM Alexandria Portland turns to losses in H1
Cairo – Mubasher: Alexandria Portland cement suffered EGP 67 million in losses in the first half of 2015, against EGP 39 million in profits for the same period of 2014. The company's revenues edged 3% to EGP 1.02 billion in H1-2015, compared with …
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2 August 11:35 AM Emaar Misr two senior officers step down
Cairo – Mubasher: Emaar Misr for Development, the leading developer of premium lifestyle communities in Egypt, announced the resignation of Walid El-Hindi, Chief Development Officer and Ahmed Fathallah, Chief Investment Officer, The resignation of …
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2 August 10:46 AM Credit Agricole Egypt profits climb 55.7% in H1
Cairo – Mubasher: Credit Agricole - Egypt registered an increase of 55.7% in net profits for the first half of 2015, as it reached EGP 482.99 million ($61.5 million) compared with EGP 310.22 million ($39.5 million) for the same period of the …
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2 August 10:37 AM Saudi Egyptian Investment profit leaps 242%
Cairo – Mubasher: Saudi Egyptian Investment and Finance's net profits climbed 242.4% to EGP 90.13 million in the first half of 2015, compared with EGP 26.32 million for the same period of the previous year. The company's gross income surged to EGP …
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2 August 10:32 AM EGX seen bullish on the launch of new Suez Canal - Analyst
Cairo – Mubasher: The Egyptian Exchange forecasted to extend positive performance through this week's trades as Egypt approaches the date of opening its "new Suez canal", analysts told Mubasher. The new canal will be inaugurated on 6 August-a year …
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2 August 09:55 AM Major events on EGX for Sunday
Cairo – Mubasher: Investors in the Egyptian Exchange (EGX) will see the following events related to their listed companies Sunday: Today is the record date for Pioneers Holding right issue in the framework of its capital increase. Earlier, …
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2 August 09:19 AM CBE issues EGP 7bn T-bills on Sunday
Cairo – Mubasher: The Central Bank of Egypt (CBE) said it will issue treasury bills worth EGP 7 billion on behalf of the ministry of finance. The first tranche due in 91 days is worth EGP 2.5 billion in T-bills, while the second tranche amounts to …
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31 July 05:24 PM Egypt inflation eases to 11.39% in June – C.bank
Cairo – Mubasher: Egypt’s annual inflation rate fell in June to 11.39%, compared with 13.11% in May, announced the Central Bank of Egypt. In a statement issued on Friday, the bank added that core inflation declined in June to 0.61%, compared with …
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31 July 03:52 PM Egypt to auction EGP83bn debt instruments in August
Cairo – Mubasher: Egypt’s central bank is scheduled to auction debt instruments worth EGP 83.2 billion in August. The bank already raised EGP 80 billion in treasury bills and bonds this month. The central bank will issue next Sunday 91- and …
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31 July 03:39 PM Egypt targets 20m tourist arrivals by 2020 – Official
Cairo – Mubasher: Egypt’s government has laid down a plan that targets luring 20 million tourists by 2020, revealed Samy Mahmoud, Head of Egyptian Tourism Authority. Arab tourists will account for 35% of the target number, with revenues of up to …
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31 July 03:34 PM KSA’s investments in Suez Canal to exceed EGP300bn – Mamish
Cairo – Mubasher: Saudi Arabia’s investments in Egypt’s Suez Canal development project is expected to reach more than EGP 300 billion, said Mohab Mamish, Chairman of Suez Canal Authority. The top officials hailed the role played by the Kingdom in …
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31 July 03:27 PM Investment in deposits, investment certificates reaches EGP 4bn – EFSA
Cairo-Mubasher: The Egyptian Financial Supervisory Authority (EFSA) registered 10 private insurance funds until the end of June 2015, amended the articles of association of 85 funds and delisted 7 funds, said Chairman Sherif Samy. He added that …
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31 July 03:18 PM World Bank lends Egypt over $0.5bn
Cairo-Mubasher: The World Bank approved lending Egypt a loan worth $550 million to finance the sustainable sewage services in three governorates, Dakahlia, Al Sharqia and Beheira, said Asad Alam, the bank's country director for Egypt, Yemen and …
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31 July 01:46 AM Egypt's c.bank keeps policy rates on hold
Cairo-Mubasher: The Central Bank of Egypt (CBE) has kept its benchmark interest rates unchanged at a monetary policy committee meeting on Thursday. The bank kept the overnight deposit and lending rates at 8.75% and 9.75%, respectively, the CBE …
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30 July 06:34 PM Egypt equities gain EGP12bn in July; benchmark down
Cairo – Mubasher: The Egyptian Exchange indices showed mixed performance during July sessions, while market capitalisation added around EGP 12.3 billion ($1.6 billion). The benchmark index EGX30 fell by 2.15% or 180 points to close at 8191.53 …
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30 July 04:15 PM Egypt bourse continues bull run; adds $416m
Cairo – Mubasher: The Egyptian Exchange indices were in green on Thursday, while market capitalisation added around EGP 3.3 billion ($416 million), amid strong buying appetite among foreigner and nationals traders. The benchmark index EGX30 …
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30 July 12:39 PM Egypt’s c.bank seen keeping policy rates on hold
By Ahmed Allam, Mahmoud Salah Eddin Cairo – Mubasher: Egypt’s central bank is expected to keep interest rates unchanged during a meeting late Thursday, as the bank manages to curb inflation and commodity prices, analysts told Mubasher. Salah …
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30 July 12:21 PM NBK Capital reiterates ‘Buy’ on CIB
Cairo – Mubasher: NBK Capital said, in a report issued Thursday, it maintained a Buy recommendation on Commercial International Bank (CIB) – Egypt. The research unit of Kuwait’s NBK also kept the stock’s fair value at EGP 64.20, with 14% upside …
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30 July 11:39 AM CIB stock jumps on strong H1 financials
Cairo – Mubasher: Commercial International Bank (CIB) stock continued its bull run in early trade Thursday, backed by the announcement of profit growth in the first half of 2015. The Egypt-based lender posted 27.9% growth in consolidated net …
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