Masress : Egypt's market up on positive financial results by banks

Egypt's health min. inks deal with eFinance to launch nationwide e-payment system Egypt backs Sudan sovereignty, urges end to El-Fasher siege at New York talks Egyptian pound weakens against dollar in early trading Egypt's PM heads to UNGA to press for Palestinian statehood As US warships patrol near Venezuela, it exposes Latin American divisions More than 70 killed in RSF drone attack on mosque in Sudan's besieged El Fasher Al-Wazir launches EGP 3bn electric bus production line in Sharqeya for export to Europe Egypt, EBRD discuss strategies to boost investment, foreign trade DP World, Elsewedy to develop EGP 1.42bn cold storage facility in 6th of October City Global pressure mounts on Israel as Gaza death toll surges, war deepens Cairo governor briefs PM on Khan el-Khalili, Rameses Square development El Gouna Film Festival's 8th edition to coincide with UN's 80th anniversary Cairo University, Roche Diagnostics inaugurate automated lab at Qasr El-Ainy Egypt expands medical, humanitarian support for Gaza patients Egypt investigates disappearance of ancient bracelet from Egyptian Museum in Tahrir Egypt launches international architecture academy with UNESCO, European partners Egypt's Sisi, Qatar's Emir condemn Israeli strikes, call for Gaza ceasefire Egypt's Cabinet approves Benha-Wuhan graduate school to boost research, innovation Egypt hosts G20 meeting for 1st time outside member states Egypt to tighten waste rules, cut rice straw fees to curb pollution Egypt seeks Indian expertise to boost pharmaceutical industry Egypt harvests 315,000 cubic metres of rainwater in Sinai as part of flash flood protection measures Al-Sisi says any party thinking Egypt will neglect water rights is 'completely mistaken' Egyptian, Ugandan Presidents open business forum to boost trade Egypt's Sisi, Uganda's Museveni discuss boosting ties Egypt's Sisi warns against unilateral Nile measures, reaffirms Egypt's water security stance Greco-Roman rock-cut tombs unearthed in Egypt's Aswan Egypt reveals heritage e-training portal Sisi launches new support initiative for families of war, terrorism victims Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary Germany among EU's priciest labour markets – official data Paris Olympic gold '24 medals hit record value A minute of silence for Egyptian sports Russia says it's in sync with US, China, Pakistan on Taliban It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights Sudan says countries must cooperate on vaccines Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19 Egypt to tax bloggers, YouTubers Egypt's FM asserts importance of stability in Libya, holding elections as scheduled We mustn't lose touch: Muller after Bayern win in Bundesliga Egypt records 36 new deaths from Covid-19, highest since mid June Egypt sells $3 bln US-dollar dominated eurobonds Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform

Thank you for reporting!

This image will be automatically disabled when it gets reported by several people.

Egypt's market up on positive financial results by banks
Investor optimism due in part to new economic projects - like digging a parallel Suez Canal - and positive results from banks like Abu Dhabi Islamic Bank

Ahram Online Published in Ahram Online on 11 - 08 - 2014

Egypt's main index soared on Monday, due to what an analyst says is the market continuing to respond to the banking sector's positive performance in first half of 2014.
The benchmark index EGX30 climbed by a whopping 1.32 percent to 9,237 points on Monday while daily stock turnover registered LE718.2 million.
"Investors were able to find confidence in the market as banks report positive financial results, such as Abu Dhabi Islamic Bank," Eissa Fathy, vice head of the securities division at Cairo Chamber of Commerce, told Ahram Online.
Investors are also optimistic over positive news in the economy, most recently the announcement of a new Suez Canal project by Egypt's President Abdel-Fattah El-Sisi.
Non-Arab foreign investors were net buyers to the tune of LE71.6 million while Egyptian investors were net sellers to the tune of LE79 million.
Institutions – contributing 27.4 percent of trading on Monday – were net buyers.
Market bellwether Commercial International Bank (CIB) managed to achieve the highest turnover in the EGX30 index, registering LE69.8 million.
CIB gained 2.72 percent to record LE44.65 per share.
Egypt's leading investment bank, Egyptian Financial Group-Hermes (EFG-Hermes), increased 1.7 percent to LE17.49 per share.
Orascom Telecom Media and Technology Holding (OTMTH) recorded the second biggest turnover at LE54.3 million and gained 0.76 percent to LE1.31 per share.
State-run Telecom Egypt (TE) inched up 0.29 percent to LE13.77 per share.
The real estate sector continued to lift the main index.
Leading real estate company Talaat Moustafa Group (TMG) was up 1.65 percent to LE9.75 per share and Six of October Development and Investment Company (SODIC) gained 1.27 percent to LE39.49 per share.
Medinet Nasr Housing was up 1.6 percent to LE45.49 per share and Palm Hills Development (PHD) company rose 0.47 percent to LE4.26 per share.
In the industrial goods sector, automobile manufacturer Ghabour Auto (GB Auto) gained 2.31 percent to LE33 per share while cables producer ELSWEDY Electric inched down 0.34 percent to LE35.22 per share.
The broader index EGX 70 inched up 0.22 percent.
http://english.ahram.org.eg/News/108235.aspx

Clic here to read the story from its source.