US military hits Caracas as Trump says President Maduro taken into custody    TMG to launch post-AI project and begin Noor city deliveries in 2026    Gold prices in Egypt end 2025's final session lower    From Niche to National Asset: Inside the Egyptian Golf Federation's Institutional Rebirth    Egyptian pound edges lower against dollar in Wednesday's early trade    Oil to end 2025 with sharp losses    Egypt completes 90% of first-phase gas connections for 'Decent Life' initiative    5th-century BC industrial hub, Roman burials discovered in Egypt's West Delta    Saudi Arabia demands UAE withdrawal from Yemen after air strike on 'unauthorised' arms    Egyptian-Italian team uncovers ancient workshops, Roman cemetery in Western Nile Delta    Egypt to cover private healthcare costs under universal insurance scheme, says PM at New Giza University Hospital opening    Qatari Diar pays Egypt $3.5bn initial installment for $29.7bn Alam El Roum investment deal    Egypt to launch 2026-2030 national strategy for 11m people with disabilities    The apprentice's ascent: JD Vance's five-point blueprint for 2028    Health Ministry, Veterinarians' Syndicate discuss training, law amendments, veterinary drugs    Egypt completes restoration of 43 historical agreements, 13 maps for Foreign Ministry archive    Egypt, Viatris sign MoU to expand presidential mental health initiative    Egypt sends medical convoy, supplies to Sudan to support healthcare sector    Egypt's PM reviews rollout of second phase of universal health insurance scheme    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    Al-Sisi affirms support for Sudan's sovereignty and calls for accountability over conflict crimes    Egypt flags red lines, urges Sudan unity, civilian protection    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    UNESCO adds Egyptian Koshari to intangible cultural heritage list    Egypt recovers two ancient artefacts from Belgium    Egypt, Saudi nuclear authorities sign MoU to boost cooperation on nuclear safety    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    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 stocks edge up 0.1 pct on economic optimism
A brace of encouraging profit results and the possibility of an imminent IMF loan fuel a mild buying spree among local investors
Ahram Online Published in Ahram Online on 15 - 08 - 2012

Egypt stocks continued their recent rally on Wednesday, reflecting optimism over recent economic developments and President Morsi's removal of senior military figures and his cancellation of June's constitutional addendum.
The benchmark EGX30 edged up 0.1 per cent to close out the day at 2,120.25 points
"It is not only about the politics - we have positive economic news and good financial results as well," said Ashraf Abdel-Aziz, head of institutions sales at Arabeya Online Securities.
Recent better-than-expected results for major firms, a mildly positive statement from a credit ratings agency and news of progress on a loan from the International Monetary Fund (IMF) all helped the market, Abdel-Aziz said.
On Tuesday, global credit rating agency Fitch expressed guarded optimism over Egypt's latest political developments, saying Morsi's move to strengthen civilian rule held the promise of increased stability.
The broader EGX70 index also gained a mild 0.4 per cent.
Blue-chips did well on Wednesday, led by Commercial International Bank (CIB) which rose 0.6 per cent and saw the day's highest turnover of some LE226.6 million, around 38 per cent of the day's total volume of LE589.5 million ($97m).
CIB reported an 18 per cent increase in second-quarter net income on Tuesday, above the expectations of analysts who say the country's lenders are benefiting from soaring yields on government debt.
Net profit at the country's biggest privately owned bank by assets was LE523 million($86.17 million), above the LE443 million it reported for the same period a year earlier.
Shares in Orascom Telecom failed to move either way, despite solid financial results. Net profits reached for the second quarter of 2012 reached $27 million, compared to a net loss of $58 million in 2Q2011.
"OT suffered from profit-taking on Tuesday after a series of gains and it partially offsets some of yesterday's losses," Abdel-Aziz told Ahram Online.
On the other hand, Egypt's biggest investment bank EFG-Hermes gained 1.4 per cent, despite reporting disappointing profits.
EFG-Hermes said on Wednesday its second quarter net profit fell 66 per cent to LE27 million. The bank, which is planning a tie-up with Qatar's QInvest, reported net profit of LE80 million a year earlier.
Ezz Steel and the Talaat Moustafa Group, both hit by legal cases in the aftermath of Egypt's 2011 uprising, climbed 2.6 and 1.1 per cent respectively.
Fellow heavyweight Orascom Construction Industries slid 0.9 per cent to close at LE273 per share.
Egyptians were the days only net-buyers, scooping up LE13.7 million more in shares than they sold. Foreign investors, meanwhile, sold LE1.4 million more than they bought.

Clic here to read the story from its source.