EGX ends week in green area on 23 Oct.    Egypt's Curative Organisation, VACSERA sign deal to boost health, vaccine cooperation    Egypt, EU sign €75m deal to boost local socio-economic reforms, services    Egypt, EU sign €4b deal for second phase of macro-financial assistance    Egypt's East Port Said receives Qatari aid shipments for Gaza    Egypt joins EU's €95b Horizon Europe research, innovation programme    Oil prices jump 3% on Thursday    Egypt steps up oversight of medical supplies in North Sinai    Egypt to issue commemorative coins ahead of Grand Egyptian Museum opening    Suez Canal signs $2bn first-phase deal to build petrochemical complex in Ain Sokhna    Inaugural EU-Egypt summit focuses on investment, Gaza and migration    Egypt, Sudan discuss boosting health cooperation, supporting Sudan's medical system    Omar Hisham announces launch of Egyptian junior and ladies' golf with 100 players from 15 nations    Egypt records 18 new oil, gas discoveries since July; 13 integrated into production map: Petroleum Minister    Defying US tariffs, China's industrial heartland shows resilience    Pakistan, Afghanistan ceasefire holds as focus shifts to Istanbul talks    Egypt's non-oil exports jump 21% to $36.6bn in 9M 2025: El-Khatib    Egypt, France agree to boost humanitarian aid, rebuild Gaza's health sector    Egyptian junior and ladies' golf open to be held in New Giza, offers EGP 1m in prizes    The Survivors of Nothingness — Part Two    Health Minister reviews readiness of Minya for rollout of universal health insurance    Egypt's PM reviews efforts to remove Nile River encroachments    Egypt launches official website for Grand Egyptian Museum ahead of November opening    The Survivors of Nothingness — Episode (I)    Al-Sisi: Cairo to host Gaza reconstruction conference in November    Egypt successfully hosts Egyptian Amateur Open golf championship with 19-nation turnout    Egypt will never relinquish historical Nile water rights, PM says    Al Ismaelia launches award-winning 'TamaraHaus' in Downtown Cairo revival    Al-Sisi, Burhan discuss efforts to end Sudan war, address Nile Dam dispute in Cairo talks    Egypt's Sisi warns against unilateral Nile actions, calls for global water cooperation    Egypt unearths New Kingdom military fortress on Horus's Way in Sinai    Syria releases preliminary results of first post-Assad parliament vote    Karnak's hidden origins: Study reveals Egypt's great temple rose from ancient Nile island    Egypt resolves dispute between top African sports bodies ahead of 2027 African Games    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Russia says it's in sync with US, China, Pakistan on Taliban    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    







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Market Report: Egypt's stocks dip 0.2 pct as OT suffers
Egyptian bourse sees the same scenario as Wednesday, as Orascom Telecom's shares are downgraded
Published in Ahram Online on 05 - 04 - 2012

Egypt's stocks ended the week plunging as the main index EGX30 declined 0.23 percent, recording 4,827.02 points on deteriorating heavy-weight share Orascom Telecom (OT).
Hesham Halaldeen, head of research sales at Naeem Brokerage, said that OT has been hit by a big slump for the second consecutive day, declining at 4 percent and negatively impacting the market.
OT's partners Orascom Telecom Media and Technology and Mobinil dropped 1.4 and 0.3 percent respectively.
Reuters reported on Thursday that Egyptian stocks eased as concerns lingered that an emboldened Muslim Brotherhood could deepen political instability.
Leading Brotherhood figure Khairat El-Shater has filed his recommendation forms at the Supreme Presidential Electoral Commission (SPEC) in order to be placed on Egypt's presidential ballot as the Freedom and Justice Party (FJP) candidate.
"Investors are hesitating because we have the maximum amount of ambiguity, which means risk, less ability to forecast and analyse and therefore no appetite," said Osama Mourad, CEO of Arab Finance Brokerage.
The broader index EGX70 refused to turn down and rose by 0.6 percent.
Egyptians were net-buyers on Thursday, collecting LE9.6 million in stocks, while foreigners were net-sellers of LE13.2 million.
Commercial International Bank (CIB) rose by 1.2 per cent. "The news of capital increase was confirmed," said Ashraf Abdel-Aziz, head of institutional sales at Arabeya Online.
CIB sent a statement to the Egyptian stocks on Thursday, including approval for a capital increase by LE37.7 million to reach LE5.972 billion.
Ezz Steel rose by 0.7 percent, while Palm Hills stood at zero, reaching the highest daily turnover of LE81.4 million.
"The session saw an odd transaction of 38 million shares, but it was not clear by which parties," Abdel-Aziz commented.
From the day's 170 listed stocks, 75 gained in value and 67 saw losses, in a session which saw turnover of LE380 million.


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