U.S. funds cut recommended global equity exposure again: Reuters poll    Egypt's squash great Amr Shabana, The Maestro, retires    Asian stocks rise, Europe falls as global stock rally fades    Sweden to tighten anti-terrorism laws    Three arrests in Hungary over dead migrants in truck: Krone newspaper    Border firing kills 8 on India-Pakistan war anniversary    Chelsea eye Chinese right-back Zhang Linpeng: Reports    Sturrige back for iverpool, Markovic set to leave    Political parties in disarray    Policemen back to work    Republican praise for Al-Sisi    Reaching out for the Russians    Changes in Iran    Digest    Giant steps    Olympian pair    African boomerangs    Yemen: The hard last mile    CINEMA    Kibbeh Seneya    Toxic friendships    MUSIC AND DANCE    The unique project of Gamal Al-Ghitany    Action for Culture    Wall St surges for second day on strong GDP data    Egypt to ban rice export as of September 1st    Stocks fly after Fed official cools September rate hike talk    Virginia killings: Shooter Flanagan 'a human powder keg'    Sisi attends China's WWII victory parade, 81 Egyptian personnel take part    Egypt election committee to announce date for parliamentary poll Sunday    Russia will supply more wheat to Egypt: Putin    Islamic State takes new ground near Turkish border    For marijuana and the brain, questions remain    Gunmen kill 2 policemen in Egypt's restive northern Sinai    Egyptian government cannot halt Semenkha statue sale: Antiquities minister    Proverb of the day: Your son will be as you raise him and your husband will be as you train him ابنك على ما تربيه وجوزك على ما تعوديه    87 NGOs to observe Egypt's parliamentary polls    Grand Egyptian Museum to be managed internationally: Antiquities minister    Warner Brothers in talks to make movies in China    Death boats, cuts, tear gas mark path for migrants to Europe    Egypt's Al-Tahrir newspaper suffers financial crisis, closure expected    Russia orders Wikipedia page blocked over cannabis link    Islamic State claims 30 killed for sodomy, UN meeting told    Talks over Ethiopia's dam should continue based on March deal: Sisi    10-year prison term for one, five acquitted in a Port Said Stadium massacre retrial    Lebanon protests against Beirut government over rubbish dispute    Iranians begin hajj amid tensions with Saudi    Barca and Real set for La Liga start    







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Egypt shares see mid-Tuesday surge
Recent news for financial heavyweights spurs strong gains for the stock market
Published in Ahram Online on 04 - 09 - 2012

Egypt stocks are seeing significant gains mid-Tuesday, the benchmark EGX30 index up 1.9 per cent at 5,634 points, some two hours into the trading session.
Turnover has already reached LE330 million ($55 million), with Orascom Construction Industries and Orascom Telecom Holding being the most active shares, up 2.25 and 3 per cent, respectively.
"Investors seem to have an open appetite for trading today, and I believe it is driven by the recent announcement of major business deals," says Ashraf Abdel Aziz, head of institution sales at Arabeya Online Securities.
Recent days saw National Societe General Bank (NSGB) and investment bank EFG-Hermes both announce major acquisition deals.
On Monday, oil giant BP said it would invest $10 billion in a new natural gas project on Egypt's Mediterranean coast, while a senior US official suggested the Obama administration was close to granting the new Egyptian government $1 billion in debt relief.
Shares in NSGB gained 8.13 per cent by midday, while EFG-Hermes shares were up 2.5 per cent.


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