Egypt news

The Egyptian Ministry of Finance - (Photo Credit: Arabianeye-Reuters)
2 hours ago Egypt’s budget deficit up 7% in 9M
Cairo - Mubasher: The Egyptian Ministry of Finance (MoF) reported an increase in the total budget deficit during the first nine months of fiscal year 2016-2017 by 7.2%. The ministry said in a statement on Monday that the deficit reached EGP 273.3 …
The Egyptian Exchange - (Photo Credit: Mubasher Archive)
5 hours ago EGX reduces working hours in Ramadan
Cairo - Mubasher: The Egyptian Exchange (EGX) announced the working hours for the holy month of Ramadan. Trading sessions for listed securities on the main market (EGX), as well as the Nile Exchange (Nilex) the small and medium capital market, …
The Central Bank of Egypt - (Photo Credit: Arabianeye-Reuters)
22 May 06:34 PM Interest raise to cost Egyptian government EGP30-35bn
Cairo - Mubasher: Pharos Research projects the annual inflation rate to reach 14.2% in fiscal year 2018-2019 after the Central Bank of Egypt's (CBE) Monetary Policy Committee (MPC) decision to raise interest rates by 200 basis points. The research …
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22 May 05:40 PM Kahira Pharmaceuticals to produce Brufen for Abbott
Cairo - Mubasher: Kahira Pharmaceuticals said that Abbott Laboratories has supplied a new assembly line to produce Brufen syrup at its own cost. The company said in a statement to the Egyptian Exchange (EGX) on Monday that the product will be sold …
The main index closed below the level of 12,700 points - (Photo Credit: Arabianeye-Reuters)
22 May 04:06 PM EGX falls after raising interest rates 2%
Cairo - Mubasher: The Egyptian Exchange (EGX) dropped on Monday’s trading session, pressured by excessive selling by local and Arab investors, after the central bank’s decision to raise interest rates by 2%. Today, 157 stocks closed in red, while …
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22 May 03:14 PM Orascom Development EDRs deal sealed - EGX
Cairo – Mubasher: The Egyptian Exchange (EGX) said that a transaction was executed for purchasing Orascom Development Holding’s Egyptian depositary receipts (EDRs), which will be voluntarily delisted. The deal value is worth EGP 98.17 million, …
The Egyptian Exchange (Photo credit: Mubasher)
22 May 12:55 PM Citadel Capital stock down to 6M low
Cairo – Mubasher: Citadel Capital’s stock declined on Monday to its lowest level since six months (13 November 2016), pressured by a rise in the company’s annual losses. By 11:05 am Cairo time, the stock fell 8.5% to EGP 0.86, with a turnover  of …
(Photo credit: Arabianeye - Reuters)
22 May 12:05 PM Arab for Development Q1 profits fall 27%
Cairo – Mubasher: Arab for Development and Real Estate Investment’s profits for the first quarter of fiscal year 2017 declined 26.5% to EGP 733,700, compared to EGP 998,300 for Q1-16. Revenues for Q1-17 increased to EGP 5.8 million from EGP 3.8 …
(Photo credit: Arabianeye - Reuters)
22 May 11:42 AM Record date for ELMACO coupon 18 June
Cairo – Mubasher: El Nasr Transformers and Electrical Products Company (ELMACO) said Monday that it will pay coupon no. 51 at 10 piasters per share to shareholders of record until 18 May. The coupon will be distributed in four equal instalments at …
The Egyptian Exchange (Photo credit: Mubasher)
22 May 11:33 AM Citadel Capital losses rise 355% in FY16
Cairo – Mubasher: Citadel Capital posted on Monday an increase of 355% in its consolidated net loss for fiscal year 2016 to EGP 5.58 billion, compared to EGP 1.22 billion for FY15. Expenses decreased in FY16 to EGP 797 million from EGP 1.76 …
The Egyptian Exchange (Photo credit: Mubasher)
22 May 11:16 AM EGX30 loses 236 pts at open on interest rates hike
Cairo – Mubasher: The Egyptian Exchange’s (EGX) indices declined collectively in Monday’s early trading after the Central Bank of Egypt’s (CBE) decision to raise interest rates by 200 basis points on Sunday, pressured by a selling activity by …
The Egyptian Exchange (Photo credit: Mubasher)
22 May 11:03 AM Sum Investments plans to expand ownership base
Cairo – Mubasher: Sum Investments Company said Monday that it plans to expand its ownership base via raising the company’s capital and attracting new value-added investors on both strategic and operational levels. Last Thursday, Sum Investments …
The Egyptian Exchange (Photo credit: Mubasher)
22 May 09:41 AM Raising interest rates to negatively impact EGX – Analysts
Cairo – Mubasher: The Egyptian Exchange (EGX) is expected to be negatively affected during the current period by the Central Bank of Egypt’s (CBE) unexpected decision to raise interest rates by 200 basis points on Sunday, analysts told Mubasher. …
The Central Bank of Egypt - (Photo Credit: Arabianeye-Reuters)
21 May 10:45 PM CBE raises interest rates 2%
Cairo - Mubasher: The Central Bank of Egypt's (CBE) Monetary Policy Committee (MPC) has decided, in its meeting on Sunday, to raise interest rates by 200 basis points, according to an official statement. This increases the overnight deposit rate, …
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21 May 09:33 PM Pachin challenged by macro-economic situation - MubasherTrade
Mubasher - Cairo: MubasherTrade Research said that Paint and Chemicals Industries (Pachin) is facing headwinds in the short term, as it challenged by a number of factors on the short term, according to a recent report. “Paints are considered a …
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21 May 06:05 PM MubasherTrade upgrades AMOC rating to ‘Buy’
Cairo - Mubasher: MubasherTrade Research has raised their 12-month price target (PT) for Alexandria Mineral Oils Company (AMOC) by 46% from EGP 9.04 to 13.18 per share, and upgraded their rating from Sell/Moderate Risk to Buy/Moderate Risk. …
The main index was supported by foreign purchases - (Photo Credit: Mubasher Archive)
21 May 03:40 PM EGX closes Sunday on mixed note
Cairo - Mubasher: The Egyptian Exchange (EGX) ended Sunday’s trading session on a mixed note, as the benchmark index EGX30 went up by 0.17% or 22.37 points, and closed at the level of 12,974.75 points. Meanwhile, EGX70 slipped 0.01% to 591.06 …
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21 May 03:29 PM Arab Polvara widens losses in Q1-17
Cairo - Mubasher: Arab Polvara Spinning and Weaving reported a jump in losses by 1,209% year-on-year in the first quarter of 2017, as shown by the company’s financial statements. The company said in a statement to the Egyptian Exchange (EGX) on …
(Photo Credit: Company website)
21 May 03:04 PM Dana Gas to discuss dues, sukuk restructure 24 May
Abu Dhabi – Mubasher: Dana Gas’ board of directors will hold a meeting on 24 May in Sharjah to discuss the settlement of Egypt’s and Iraqi Kurdistan’s dues. The company will also discuss its operations in Egypt, the UAE, and Iraqi Kurdistan. Dana …
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21 May 01:54 PM Egypt Free Shops targets EGP70m profits next year
Cairo - Mubasher: Egypt Free Shops said that its preliminary budget for fiscal year 2017-2018 targets estimates a decline in net profits by 17.7% year-on-year, according to a bourse filing. The company said in a statement to the Egyptian Exchange …
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21 May 01:27 PM General Land Reclamation narrows losses in 9M
Cairo - Mubasher: General Company for Land Reclamation, Development and Reconstruction reported a decline in losses by 46.5% in the nine-month period that ended on 31 March 2017, as shown by the company’s financial statements. The company said in …
(Photo credit: Company's website)
21 May 01:18 PM Egypt Aluminum to raise production capacity to 550,000 tonnes/yr
Cairo – Mubasher: Egypt Aluminum said Sunday that it plans to establish a net plant to raise its production capacity to 550,000 tonnes per year. The new project is a production line with a capacity of 250,000 tonnes per year, according to a bourse …
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21 May 01:07 PM Medical Packaging turns profitable in Q1
Cairo - Mubasher: The financial statements of Medical Packaging Company showed it achieved profits of EGP 1.03 million in the first quarter of 2017 against losses of EGP 75,400 in the same period last year. Sales increased to EGP 7.06 million in …
(Photo credit: Arabianeye - Reuters)
21 May 12:46 PM Arab Moltaqa Q1 profits down 34%
Cairo – Mubasher: Arab Moltaqa Investments’ consolidated profits for the first quarter of fiscal year 2017 declined 33.8% to EGP 11.5 million, compared to EGP 17.38 million for Q1-16. Consolidated revenues increased in Q1-17 to EGP 170.9 million …
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21 May 12:37 PM Al Ahly Investment Q1 profits down 64%
Cairo - Mubasher: The consolidated financial statements of Al Ahly for Development and Investment showed a drop in profit by 64% in the first quarter of 2017, according to a bourse filing. The company said in a statement to the Egyptian Exchange …