Schneider Electric Expands Youth Partnership with Enactus to Drive Inclusive Energy Transition in Egypt    China's Jiangsu Zhengyong to build $85m factory in Egypt's Ain Sokhna: SCZONE    Egyptian pound ticks up vs. US dollar at Thursday's close    Egypt condemns Israeli plan to build 3,400 settler homes in West Bank    Fitch Ratings: ASEAN Islamic finance set to surpass $1t by 2026-end    Egypt, Namibia explore closer pharmaceutical cooperation    Egypt, China ink $1bn agreement for Sailun tire plant in SCZONE    Renowned Egyptian novelist Sonallah Ibrahim dies at 88    Egypt's Electricity Minister discusses progress on Greece power link    Egypt's FM discusses Gaza, bilateral ties in calls with Saudi, South African counterparts    Egypt prepares to tackle seasonal air pollution in Nile Delta    27 Western countries issue joint call for unimpeded aid access to Gaza    Egyptian, Ugandan Presidents open business forum to boost trade    Al-Sisi says any party thinking Egypt will neglect water rights is 'completely mistaken'    Egypt's Sisi warns against unilateral Nile measures, reaffirms Egypt's water security stance    Egypt's Sisi, Uganda's Museveni discuss boosting ties    Egypt, Colombia discuss medical support for Palestinians injured in Gaza    Australia to recognise Palestinian state in September, New Zealand to decide    Egypt, Huawei explore healthcare digital transformation cooperation    Global matcha market to surpass $7bn by 2030: Nutrition expert    Egypt's Sisi, Sudan's Idris discuss strategic ties, stability    Egypt's govt. issues licensing controls for used cooking oil activities    Egypt to inaugurate Grand Egyptian Museum on 1 November    Egypt, Uganda strengthen water cooperation, address Nile governance    Egypt's Sisi: Egypt is gateway for aid to Gaza, not displacement    Korean Cultural Centre in Cairo launches folk painting workshop    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 stocks end week in red on profit taking
Stocks mostly down, except for Global Telecom Holding (GTH) - up 3.67 percent after US financial advisor announced details of Algerian Djezzy deal
Ahram Online Published in Ahram Online on 21 - 08 - 2014

Egypt's stocks were mostly decliners at week's end due to profit making, but Global Telecom Holding (GTH) still achieved whopping gains as a US financial advisor revealed the value of an Algerian telecom deal.
The benchmark index EGX30 dropped 0.68 percent to register 9,373 points and the broader index EGX70 declined 1.03 percent.
"The index fell as investors were making profits," Eissa Fathy, vice president of the securities division at Cairo's Chamber of Commerce, told Ahram Online.
Daily stock turnover registered LE744.6 million.
Non-Arab foreign investors were net buyers to the tune of LE92 million while Egyptians and Arabs were net sellers for LE57 million and LE35 million, respectively.
"Foreigners significantly raised their purchases in Egypt's stock exchange following the announcements of fuel subsidy cuts and the new Suez Canal project," said Fathy.
This summer has seen Egypt's government announce plans to curb costly spending on energy subsidies as well as the launching of a new mega project alongside the Suez Canal.
GTH gained 3.67 percent to LE5.44 per share and achieved the highest turnover in the main index at LE93.8 million.
The telecom company on Thursday released the results of a report by the independent financial advisor HC for securities and investments which assessed the acquisition of GTH's shares in Algerian telecom firm Djezzy by the Algerian government.
The report shows that the offer made by the Algerian National Investment Fund to acquire GTH's 51 percent stake in Djezzy is 4 percent higher than the fair value.
GTH had sold its 51 percent stake in Djezzy to the Algerian government for $2.6 billion, a deal which HC valued at $2.539 billion.
Market bellwether Commercial International Bank (CIB) declined 0.28 percent to LE46.44 per share.
Egypt's leading investment bank, Egyptian Financial Group-Hermes (EFG-Hermes), fell 0.22 percent to LE18.34 per share.
In the real estate sector, Talaat Moustafa Group (TMG) holding dropped 1.63 percent to LE10.4 per share and Six of October for Development and Investment Company (SODIC) increased 1.65 percent to LE48 per share.
http://english.ahram.org.eg/News/108938.aspx

Clic here to read the story from its source.