From Miami Sands to Brussels Boardrooms: The High-Stakes Gambit for Ukraine's Future    Mediterranean veterinary heads select Egypt to lead regional health network    Ramy Sabry performs at opening of "The Village" in Egypt's Celia development in New Administrative Capital    Egypt demands 'immediate' Israeli withdrawal from all Lebanese territory    Cairo and Beirut seek deeper economic integration through private sector and infrastructure projects    Egypt's West Gerga industrial zone hosts Middle East's first cooling compressor plant    Foreign troop withdrawal from Libya, Sudan ceasefire urged by Egypt and Algeria    Egyptian-built dam in Tanzania is model for Nile cooperation, says Foreign Minister    Egypt says Qatari Al Mana fuel project in Sokhna does not involve land sale    Egypt partners with global firms to localise medical imaging technology    The Long Goodbye: Your Definitive Guide to the Festive Season in Egypt (Dec 19 – Jan 7)    EGX closes in red zone on 18 Dec.    Al-Sisi affirms support for Sudan's sovereignty and calls for accountability over conflict crimes    Egypt flags red lines, urges Sudan unity, civilian protection    Oil prices rise on Thursday    Egypt's Al-Sisi offers to host talks to support DRC peace process in call with Tshisekedi    Central Bank of Egypt, Medical Emergencies, Genetic and Rare Diseases Fund renew deal for 3 years    Egypt's SPNEX Satellite successfully enters orbit    Egypt unveils restored colossal statues of King Amenhotep III at Luxor mortuary temple    Egyptian Golf Federation appoints Stuart Clayton as technical director    4th Egyptian Women Summit kicks off with focus on STEM, AI    Egypt's PM reviews major healthcare expansion plan with Nile Medical City    UNESCO adds Egyptian Koshari to intangible cultural heritage list    UNESCO adds Egypt's national dish Koshary to intangible cultural heritage list    Egypt recovers two ancient artefacts from Belgium    Egypt, Saudi nuclear authorities sign MoU to boost cooperation on nuclear safety    Giza master plan targets major hotel expansion to match Grand Egyptian Museum launch    Australia returns 17 rare ancient Egyptian artefacts    China invites Egypt to join African duty-free export scheme    Egypt warns of erratic Ethiopian dam operations after sharp swings in Blue Nile flows    Egypt golf team reclaims Arab standing with silver; Omar Hisham Talaat congratulates team    Egypt launches Red Sea Open to boost tourism, international profile    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: EGX30 falls 1% on Mubarak trial delay
Share prices fall slightly following news that ousted president's trial is to be postponed by one week
Bassem Abo Alabass Published in Ahram Online on 28 - 12 - 2011

Egypt's benchmark EGX30 index fell by 1 per cent in Wednesday's trading session to close out the day at 3,586.55 points on news that ousted president Hosni Mubarak's trial would be postponed for one week.‎
The months-long trial of Mubarak, his two sons, former minister of interior Habib El-Adly, and several of the latter's assistants was postponed on Wednesday to 2 January.‎ Trial proceedings had recommenced Wednesday morning following a three-month hiatus. The defendants face charges of ordering the killing of unarmed protesters during Egypt's January uprising, along with a host of corruption allegations.‎
Market expert Mostafa Badra told Ahram Online that Egypt's bourse would be closed next Sunday – New Year's Day – giving investors a three-day vacation from trading. For this reason, he said, investors had refrained from injecting more funds into the market in Wednesday's session.‎
The broader-based EGX70 and EGX100 indices also registered losses for the day, dipping 1.6 and 1.4 per cent respectively.‎
Foreign investors were net buyers – for the first time in two weeks – at LE427.2 million. Their Egyptian counterparts were also net buyers for the day at LE8.7 million.‎
Of 179 stocks listed on the exchange, 31 rose for the day while ‎135 lost value, in a session that saw LE194 million in daily turnover. “Turnover was more than in previous sessions, but it remains relatively small,” said Badra.‎
Construction materials was the one sector to record gains on Wednesday led by Orascom Construction Industries (OCI), which ended up 0.4 per cent and accounted for the day's highest turnover at some LE26.6 million.‎
‎“There's a possibility that OCI could be split into two distinct companies in order to attract more investors,” said Badra.‎
Market blue chips, meanwhile, fared poorly for the most part, led by Commercial International Bank (CIB) and EFG-Hermes, which fell by 2.2 and 0.2 per cent respectively.‎
Real estate stocks similarly suffered, with TMG, Palm Hills and SODIC all falling by 3.3, 1 and 2.1 per cent respectively.
‎“New restrictions on unused land and the hefty fines that would be imposed on the owners have raised fears among investors in local real estate,” Badra said.‎

Clic here to read the story from its source.