Egypt partners with Google to promote 'unmatched diversity' tourism campaign    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Taiwan GDP surges on tech demand    World Bank: Global commodity prices to fall 17% by '26    Germany among EU's priciest labour markets – official data    UNFPA Egypt, Bayer sign agreement to promote reproductive health    Egypt to boost marine protection with new tech partnership    France's harmonised inflation eases slightly in April    Eygpt's El-Sherbiny directs new cities to brace for adverse weather    CBE governor meets Beijing delegation to discuss economic, financial cooperation    Egypt's investment authority GAFI hosts forum with China to link business, innovation leaders    Cabinet approves establishment of national medical tourism council to boost healthcare sector    Egypt's Gypto Pharma, US Dawa Pharmaceuticals sign strategic alliance    Egypt's Foreign Minister calls new Somali counterpart, reaffirms support    "5,000 Years of Civilizational Dialogue" theme for Korea-Egypt 30th anniversary event    Egypt's Al-Sisi, Angola's Lourenço discuss ties, African security in Cairo talks    Egypt's Al-Mashat urges lower borrowing costs, more debt swaps at UN forum    Two new recycling projects launched in Egypt with EGP 1.7bn investment    Egypt's ambassador to Palestine congratulates Al-Sheikh on new senior state role    Egypt pleads before ICJ over Israel's obligations in occupied Palestine    Sudan conflict, bilateral ties dominate talks between Al-Sisi, Al-Burhan in Cairo    Cairo's Madinaty and Katameya Dunes Golf Courses set to host 2025 Pan Arab Golf Championship from May 7-10    Egypt's Ministry of Health launches trachoma elimination campaign in 7 governorates    EHA explores strategic partnership with Türkiye's Modest Group    Between Women Filmmakers' Caravan opens 5th round of Film Consultancy Programme for Arab filmmakers    Fourth Cairo Photo Week set for May, expanding across 14 Downtown locations    Egypt's PM follows up on Julius Nyerere dam project in Tanzania    Ancient military commander's tomb unearthed in Ismailia    Egypt's FM inspects Julius Nyerere Dam project in Tanzania    Egypt's FM praises ties with Tanzania    Egypt to host global celebration for Grand Egyptian Museum opening on July 3    Ancient Egyptian royal tomb unearthed in Sohag    Egypt hosts World Aquatics Open Water Swimming World Cup in Somabay for 3rd consecutive year    Egyptian Minister praises Nile Basin consultations, voices GERD concerns    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.