Masress : Egypt's stocks unexpectedly dip on new PM announcement

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.

Egypt's stocks unexpectedly dip on new PM announcement
Appointment of former irrigation minister Hisham Kandil as Egypt's premier impacts markets negatively as investors expected 'senior' politician with economics background

Ahram Online Published in Ahram Online on 24 - 07 - 2012

Egyptians stocks fell one per cent to close at 4.819 points on Tuesday, the second operative day for the market in Ramadan. The appointment of long-awaited prime ministerdid not have a positive effect on the market, which began falling in early trading and continued following that trend through the day.
After weeks of speculation, President Mohamed Morsi appointed Hisham Kandil, former minister of irrigation and water resources, as his new prime minister, in a move that surprised many observers.
It was widely expected that Egypt's premier would be a liberal politician with a background in economics, as some members of the Freedom and Justice Party had previously revealed, particularly as many contenders fitting this criteria had met with Morsi in the run up to Tuesday's announcement.
"The market was performing well until the investors found out about the new prime minister as he was not among the expected candidates for the senior position," says Ashraf Abdel-Aziz, head of institutional sales at Arabeya OnlineBrokerage company.
Abdel-Aziz affirmed that most investors anticipated that the newly appointed prime minister would be a more "experienced" politician with a greater knowledge of the markets.
Total turnover was higher than recent averages at LE529 million ($88 million), approximately the highest in July. Orascom Telecom Media and Technology (OTMT) topped the market in terms of trading volume with LE106 million (20 per cent of the total trade value).
OTMT shares soared by 6.38 per cent over the course of the day.
Further behind was fellow high-cap Orascom Construction Industries (OCI), which saw a turnover of around LE58.8 million but its share price slipped 0.56 per cent.
Out of 170 traded stocks, 47 gained in value, 97 lost and 26 remained unchanged.
Egyptian investors and Arabs closed as net buyers recording net flow of LE123.89 million and LE4.13million respectively as opposed to non-Arab foreigners that closed as the only net sellers.
The boarder index EGX70 lost 0.38 per cent.

Clic here to read the story from its source.