North africa news

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50 minutes ago Pioneers Holding Q1 profits fall 10%
Cairo – Mubasher: Pioneers Holding Company for Financial Investment’s consolidated net profit for the first quarter of fiscal year 2017 declined 10% to EGP 318.88 million, versus EGP 354.46 million for Q1-16. Consolidated revenues decreased in …
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1 hour ago EFG Hermes starts operations in Pakistan
Cairo – Mubasher: Egyptian Financial Group Hermes Holding (EFG Hermes) opened its new branch in Pakistan after completing the acquisition of a 51% stake in Pakistan’s Invest Finance Securities Limited (IFSL). The new company will operate under the …
The Egyptian Exchange (Photo credit: Mubasher)
2 hours ago EGX likely to rebound Tuesday – Analyst
Cairo – Mubasher: The Egyptian Exchange (EGX) is expected to rebound on Tuesday after the sharp decline witnessed during Monday’s session due to the Central Bank of Egypt’s (CBE) unexpected decision to raise interest rates by 200 basis points, an …
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4 hours ago Kuwait, Qatar stocks attract foreign, institutional investors
By: Mahmoud Gamal  Mubasher: Institutional and foreign investors focused their investments in mid-cap and blue-chip stocks listed on the Kuwaiti and Qatari bourses which rose on Monday, analysts told Mubasher. The GCC bourses are expected to …
12:29 AM Interest hike to harm Egyptian industries - FEI
Cairo - Mubasher: The chairman of the Federation of Egyptian Industries (FEI) said that the unexpected decision to raise interest rates will worsen the suffering of the Egyptian industry. Mohamed Zaki El-Sewedy added in a statement on Monday that …
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22 May 10:16 PM 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 …
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22 May 10:05 PM Oil prices up to highest level in 4 weeks
Mubasher: Oil prices ended Monday’s trading in a rise as the meeting of the Organization of the Petroleum Exporting Countries (OPEC) approaches, after the Iraq approved the proposal to extent the output deal. The price for West Texas Intermediate …
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22 May 09:20 PM How $10 drop in oil prices would affect Saudi economy?
Riyadh - Mubasher: The Saudi economy is highly vulnerable to prolonged lower global oil prices, the Institute of International Finance (IIF) said in a recent report. “With still glut in the oil market and the potential of recovery in oil …
The Egyptian Exchange - (Photo Credit: Mubasher Archive)
22 May 07:26 PM 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, …
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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 …
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22 May 04:21 PM Egyptian tourism up 49% in April - CAPMAS
Cairo - Mubasher: The Egyptian Central Agency for Public Mobilization and Statistics (CAPMAS) said that the number of tourists visiting Egypt increased in March 2017 by 48.6% year-on-year. Tourists totalled 654,900 in March compared to 440,700 …
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, …
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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 …
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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 …
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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 …
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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. …
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22 May 07:33 AM Portfolio investors to invest in attractive GCC stocks
By: Mahmoud Gamal Mubasher: The GCC stock markets are expected to maintain their slight rise on Monday as portfolio investors are tending to increase their positions, amid anticipation of the performance of oil prices and global stocks, analysts …
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. …