Egypt's gold reserves inch up to $18.166 bln in December – CBE    Egyptian pound edges up against dollar in midday Thursday trading    Electricity, petroleum ministers review preparations to meet higher summer energy demand    Public Enterprises Ministry, Future of Egypt discuss boosting industry cooperation    France, allies coordinate response to the United States threats to seize Greenland    Egypt initiates executive steps to establish specialised Food University in partnership with Japan    Egyptian, Omani foreign ministers back political settlements in Yemen and Sudan    Egypt warns of measures to protect water security against unilateral Nile actions    Egypt's SCZONE posts EGP 6.25 bln revenue in FY2025/26    Egypt's Health Ministry, Philips to study local manufacturing of CT scan machines    African World Heritage Fund registers four new sites as Egypt hosts board meetings    Maduro faces New York court as world leaders demand explanation and Trump threatens strikes    Turkish firm Eroglu Moda Tekstil to invest $5.6m in Egypt garment factory    Egypt, Saudi Arabia reaffirm ties, pledge coordination on regional crises    Al-Sisi pledges full support for UN desertification chief in Cairo meeting    Al-Sisi highlights Egypt's sporting readiness during 2026 World Cup trophy tour    Egypt opens Braille-accessible library in Cairo under presidential directive    Egypt confirms safety of citizens in Venezuela after US strikes, capture of Maduro    From Niche to National Asset: Inside the Egyptian Golf Federation's Institutional Rebirth    5th-century BC industrial hub, Roman burials discovered in Egypt's West Delta    Egyptian-Italian team uncovers ancient workshops, Roman cemetery in Western Nile Delta    Egypt, Viatris sign MoU to expand presidential mental health initiative    Egypt's PM reviews rollout of second phase of universal health insurance scheme    Egypt sends medical convoy, supplies to Sudan to support healthcare sector    Egypt sends 15th urgent aid convoy to Gaza in cooperation with Catholic Relief Services    Al-Sisi: Egypt seeks binding Nile agreement with Ethiopia    Egyptian-built dam in Tanzania is model for Nile cooperation, says Foreign Minister    Egyptian Golf Federation appoints Stuart Clayton as technical director    4th Egyptian Women Summit kicks off with focus on STEM, AI    UNESCO adds Egyptian Koshari to intangible cultural heritage list    Egypt recovers two ancient artefacts from Belgium    Egypt warns of erratic Ethiopian dam operations after sharp swings in Blue Nile flows    Sisi expands national support fund to include diplomats who died on duty    Egypt's PM reviews efforts to remove Nile River encroachments    Egypt resolves dispute between top African sports bodies ahead of 2027 African Games    Germany among EU's priciest labour markets – official data    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.



Market Report: Egypt benchmark index rises on ex-tourism minister jail news
The market witness an exceptional upturn for the third day, this time sparked by the news of the 5-year jail sentence slapped on ex-tourism minister, Garana
Bassem Abou Alabass Published in Ahram Online on 11 - 05 - 2011

Egypt's bourse welcomed the news of the five-year prison sentence announced today for former tourism minister, Zoheir Garana.
EGX30 continues its upward trend for the third consecutive day as the main index bounds 0.91 per cent to 5,002 points, with thelargest turnover (LE571.7 million) in a month.
“This bullish trend is just temporary," predicts Marian Azmy, financial analyst of HC Securities. She sees Garana's news as a temporary push, while the glum reality of the economy continues to shower the market.
Broader indices have alsoended Wednesday's session in green to reach0.63 per cent and 0.70 per cent for EGX70 and EGX100, respectively.
“We have to wait for two weeks, at least, to make sure that our market is recovering, not just three sessions,” she comments.
Of 182 listed stocks, 102 gained, 66 declined and 14 are unchanged.
Unlike the rest of the market, the corruption-related companies dragged down relative sectors, like real estate and travel & leisure.
"Real Estate shares all fall down, still heavily affected by the political turmoil" says Omar Darwish, equity sales trader in Ci Capital.
Darwish clarified that with the resignation of the chairman of SODIC, a large land developer, their shares dipped by 3.05 per cent and had a similar affect on Palm Hills Development Co, dropping its shares by 3.09 per cent.
Arabs were net buyers in today's session, accounting forLE21.3m, while foreigners and Egyptians turned to net sellers, respectively achievingLE14m and LE7.3m after two days of purchasing activity.
“We couldn't find clear reasons for why foreigners and Egyptians were net sellers,” comments Marian.
Ezz Steel shares gained 2.3 per cent.
OCI raised 1.75 per cent after the companyreported a 77 per cent jump in its first-quarter net profit on Wednesday and said it was confident infrastructure spending would accelerate, despite political turmoil in the Middle East.
“Almost all construction companies saw their net profit drop, except OCI,” Marian added.
CIB shares gained around 0.14 per cent, in spite of pessimistic expectations of its net profit in Q1/2011.

Clic here to read the story from its source.