Mohamed Ahmed

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Latest by Mohamed Ahmed


KIMA builds $60m reserve to secure future payments to Tecnimont

The Egyptian Chemical Industries Company (KIMA) has managed to build a reserve of foreign cash worth $60m through exports. The reserve will be used to ensure that the company can fulfil its future payments to Italian company Tecnimont, which is establishing KIMA’s new ammonia plant and the project to rehabilitate factories to operate on natural …

Mohamed Ahmed

Devaluation of Egyptian pound increases EGX’s hopes for restoring ‘hot money’

Investment, initial public offering (IPO), and securities promotion managers have conflicting opinions over whether the devaluation of the Egyptian pound has restored the Egyptian Exchange’s (EGX) attractiveness for foreign investors, and whether the action encourages them to inject “hot money” into the stock exchange—like what had happened before 2011 and what happened mid-2013. The experts …

Mohamed Ahmed

Stock market surpassed itself in supporting growth despite economic slowdown: EGX chairperson

Mohammed Omran, chairperson of the Egyptian Exchange (EGX), said that the stock market played a vital role in supporting the country’s economic development despite Egypt’s slow economic growth. The stock market has provided funds in the form of initial and secondary offerings and increased capital through issuing bonus shares totaling EGP 37.72bn since mid-2013 until …

Mohamed Ahmed

EGX30 plummeted more than nine per cent on Sunday, 25 November. (DNE/ Mohamed Omar)

EGX30 targets 7,900-8,000 points this week

Technical analysts predicted that Egyptian Exchange (EGX) will move sideways, dropping down during this week’s trading. EGX30 is expected to move between 7,900-8,000 points. Analysts pointed out that the EGX market witnessed a limited growth of 0.06% last week, rising from 8,131 points to 8,136 points. While the total trading value declined from EGP 3bn to EGP …

Mohamed Ahmed

351 ships transit Suez Canal carrying 21.3m tonnes in past week

Suez Canal traffic data showed that 351 ships transited the canal, with a total load of 21.306m tonnes, from 26 August to 1 September. An average of 50 ships transited the canal per day during that period, with an average load of 3m tonnes per day. The average load per ship was about 60,070 tonnes …

Mohamed Ahmed

EGX30 plummeted more than nine per cent on Sunday, 25 November. (DNE/ Mohamed Omar)

EGX falls to 8,050 – 7,993 points giving buyers the opportunity for future profit

Technical analysts and executives at brokerage firms expect the Egyptian Exchange (EGX) to continue its profit-making wave during this week’s transactions. EGX30 is expected to move between 8,050 and 7,993 points. Experts advise investors to purchase a number of shares if they continue to fall. Ehab El-Saeed, head of technical analysis at Osool Securities Brokerage …

Mohamed Ahmed

284 ships transit Suez Canal carrying 14.34m tonnes in past 6 days

Suez Canal traffic data showed that 284 ships transited the canal, with a total load of 14.34m tonnes, from 19 to 24 August 2016. An average of 47.33 ships transited the canal per day during that period, with an average load of 2.73m tonnes per day. The average load per ship was about 50,490 tonnes …

Mohamed Ahmed

EGX30 plummeted more than nine per cent on Sunday, 25 November. (DNE/ Mohamed Omar)

EGX30 targets 8,150 – 8,400 points this week

Technical analysts predicted that the Egyptian Stock Exchange (EGX) will move sideways between 8,150–8,400 points, perhaps dropping down to the 8,100-8,050 points during this week’s trading, awaiting any new economic incentives that will encourage investors to rebuild purchasing centres again. Analysts pointed out that the EGX market witnessed a limited decline of 0.72% last week, …

Mohamed Ahmed