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SODIC: no litigation against us

The Sixth of October for Development and Investment Company (SODIC), Egypt’s third largest real estate developer, reported to the Egyptian Stock Exchange that no lawsuits were filed against them by the Lebanese multinational real estate developer Solidere. According to AhramOnline’s report on Tuesday; Beltone, a Cairo-based investment bank, stated that Solidere announced Sunday its plans …

Islam Serour

The Egyptian stock Exchange witness first signs of recovery since the beginning of Ramadan (DNE PHOTO)

EGX30 jumps nearly100 points

By Fatheya El-Garhy The market has reacted positively to the decision to delay the ruling on the legality of the Constituent Assembly. Buying power increased in the market leading to an increase in the value of trading. The Egyptian Exchange (EGX)’s main index, the EGX30, rose 2.03% to close at 4,862.5 points. The EGX70 index …

Daily News Egypt

Slow stock exchange trading in anticipation of election results

By Ahmad Ramadan Several financial markets experts differed in their opinions about the movements of the stock market after the completion of presidential runoff while a state of anticipation and caution have taken over traders. Some experts had the opinion that the completion of the elections is a positive step and that it will be …

DNE

Egypt index edges higher, Gulf markets down

By Reuters CAIRO: Egypt’s main index closed virtually unchanged, trading in thin volumes as traders waited for details of a regulatory decision on France Telecom’s bid to buy out most of Orascom Telecom Media and Technology’s (OTMT) stake in Mobinil. The index edged 0.8 percent higher to 4,708 points. The bourse suspended trading in Mobinil …

DNE

Egypt’s bourse suspends trading in Mobinil and OTMT

By Reuters CAIRO: Egypt’s stock exchange has suspended trading in mobile operator Mobinil and Orascom Telecom Media and Technology (OTMT) on the request of the country’s regulator, the exchange said on Thursday without providing further details. The regulator is weighing up whether to approve France Telecom’s plan to purchase most of OTMT’s stake in Mobinil …

DNE

Egypt stock market likely to drift; Saudi to resume gains

By Nadia Saleem and by Tom Pfeiffer / Reuters DUBAI: Egypt’s stock market is likely to drift in coming days while investors await the outcome of protests planned for Friday against the disqualification of three leading candidates for the presidency. If the protests turn violent that could trigger a sharp drop in the stock market. …

DNE

Egypt index pushed higher by Mobinil optimism

By Reuters CAIRO: Egypt’s benchmark index closed up 2.1 percent after a surge by mobile operator Mobinil on revived optimism that a deal for France Telecom to buy most of its shares will proceed, traders said. Orascom Telecom Media and Technology has tentatively agreed to sell most of its stake in Mobinil to fellow shareholder …

DNE

Egypt stocks at 9-week low; profit-taking weighs on Saudi

By Nadia Saleem and Patrick Werr/Reuters DUBAI/CAIRO: Egypt’s main index fell 0.8 percent on Tuesday to its lowest close since Feb. 6, on its sixth day of decline. An Egyptian court halted on Tuesday a move to create a new constitutional assembly pending a ruling on its legality, a move that could delay a constitution needed …

DNE

Egypt stocks drop to 8-week lows on funding fears

By Tom Pfeiffer and Patrick Werr / Reuters CAIRO: Egyptian stocks fell to eight-week lows on Monday after the Muslim Brotherhood challenged the government to change the terms of an emergency IMF loan, showing political powers remain far apart on how to stave off a payments crisis. Muslim Brotherhood presidential candidate Khairat El-Shater said he had …

DNE

Political uncertainty plagues Egypt stocks

By Tom Pfeiffer and Nadia Saleem / Reuters CAIRO/DUBAI: Political uncertainty is sapping demand for Egyptian equities and is likely to take the momentum out of any rebound in the coming week, analysts say. Trading volumes have been weak since the Muslim Brotherhood announced at the weekend that it would back its deputy leader to contest …

DNE

Benchmark index falls on Brotherhood presidency bid

By Reuters CAIRO: Egypt’s benchmark index fell on political anxiety after the Muslim Brotherhood announced in a policy u-turn that it was fielding a candidate for the presidency, traders said. The index dipped 1.2 percent as investors worry about the potential reaction to the decision, either from the ruling military council or from liberal parties. …

DNE

Egypt tumbles on energy woes; most Gulf bourses rise

By Patrick Werr and Nadia Saleem / Reuters CAIRO/DUBAI: Egypt’s bourse made its largest single-day loss in four months as fresh political tensions, gasoline shortages and a transport strike hurt investor sentiment, while most other Gulf indices rose thanks to upbeat global markets. Cairo’s benchmark index slumped 3.6 percent, the most it has fallen since November …

DNE

Egypt index slumps, led by real estate

By Reuters CAIRO: Egypt’s main index declined 2 percent, led by real estate stocks after the 2011 results of property developer Egyptian Resorts disappointed the market, traders said. The real estate firm narrowed its full-year loss after making new revenue from its Sawari project on the Red Sea, the firm said on Sunday. “The Egypt …

DNE

Bargain hunters lift Egypt; most Gulf markets up

By Tom Pfeiffer and Nadia Saleem / Reuters CAIRO/DUBAI: Egyptian stocks rallied on Wednesday after their biggest losing streak in months created fresh buying opportunities, and most Gulf markets also rose, supported by an upbeat global backdrop. Cairo’s main index rose 0.8 percent, lifting from Tuesday’s three-week low. The benchmark had lost 7 percent in four …

DNE

Egypt tumbles to 3-week low on political concerns

By Reuters CAIRO: Egypt’s main share index tumbled to a three-week low, dragged down for a fourth day by a series of reports that indicate Egypt’s economic and political troubles will not be resolved as quickly as thought, traders said. Real estate shares fell after a string of bad company results, while financial companies declined …

DNE

Egypt retreats further from eight-month high

By Reuters CAIRO: Egypt’s benchmark index dropped for a second day, retreating further from an eight-month high reached last week when optimism grew that Egypt was recovering from a year of political and economic turmoil. Gains since the start of the year have boosted the index by around 50 percent. The index slid 1.8 percent …

DNE

Egypt index edges up, Gulf markets decline

By Reuters CAIRO: The benchmark index edged up 0.4 percent to its highest level in more than eight months, led by Orascom Telecom and helped higher by investor optimism that Egypt is starting to recover from a year of turmoil. Real estate heavyweight Talaat Moustafa Group tumbled 4.6 percent after reporting a 39 percent drop …

DNE

Economic gloom begins to lift in Egypt

By Tom Pfeiffer / Reuters CAIRO: When Egypt’s stock market index climbed this week to its highest level since last July, it was more than a boon to equity investors — it was a sign that after a year of turmoil, prospects may be improving for the Egyptian economy. Much investment ground to a halt in …

DNE

Most markets halt rally; Saudi hits fresh 41-mth high

By Nadia Saleem and Yasmine Saleh / Reuters DUBAI/CAIRO: Egypt’s main index slipped 1 percent on Monday from the previous day’s seven-month high as investors booked recent gains, while most regional markets fell in profit-taking. Commercial International Bank fell 3.1 percent in heavy trade. “Today we are seeing a lot of selling by foreign investors …

DNE

Egypt gains on upbeat Q4; most Gulf markets extend gains

By Reuters CAIRO: Egypt’s bourse bounced back from a two-session decline as estimate-beating earnings lifted sentiment on Thursday and most Gulf markets rallied as buying momentum continued despite a weaker global backdrop. Commercial International Bank, one of Egypt’s largest, surged 8.1 percent after its fourth-quarter net profit fell by a less-than-anticipated 9 percent. Telecom Egypt …

DNE

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