Shell invests in Mina West gas development in Egyptian Mediterranean Sea    Egypt's FM highlights 'soft power' in Mali meeting with alumni    Egypt's foreign minister opens business forum in Niger, targets new partnerships    Egypt's FM delivers Al-Sisi message to Niger's leader, seeks deeper security ties    Rafah Crossing 'never been closed for one day' from Egypt: PM    Egypt will keep pushing for Gaza peace, aid: PM    Remittances from Egyptians abroad surge 70% YoY in July–May: CBE    Sudan's ambassador to Egypt holds reconstruction talks on with Arab League    Egypt's current account gap narrows, but overall BoP records deficit    Al-Sisi urges accelerated oil, gas discoveries, lower import bill    Egypt hosts international neurosurgery conference to drive medical innovation    Egypt's EDA discusses Johnson & Johnson's plans to expand investment in local pharmaceutical sector    I won't trade my identity to please market: Douzi    Sisi calls for boosting oil & gas investment to ease import burden    EGX to close Thursday for July 23 Revolution holiday    Egypt, Senegal sign pharma MoU to unify regulatory standards    Egyptian Drug Authority discusses plans for joint pharmaceutical plant in Zambia    Two militants killed in foiled plot to revive 'Hasm' operations: Interior ministry    Egypt, Somalia discuss closer environmental cooperation    Egypt foils terrorist plot, kills two militants linked to Hasm group    Giza Pyramids' interior lighting updated with new LED system    Egypt's EHA, Huawei discuss enhanced digital health    Foreign, housing ministers discuss Egypt's role in African development push    Korea Culture Week in Egypt to blend K-Pop with traditional arts    Egypt reveals heritage e-training portal    Three ancient rock-cut tombs discovered in Aswan    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Egypt's Irrigation Minister urges scientific cooperation to tackle water scarcity    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    Egypt's Democratic Generation Party Evaluates 84 Candidates Ahead of Parliamentary Vote    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    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.



OCI expansion in US boosts Egypt shares Thursday
New deal by Orascom Construction Industries in US stimulates market, pushes up Egyptian indices on final trading day of the week
Ahram Online Published in Ahram Online on 06 - 09 - 2012

Egyptian shares made rebounded on Thursday after Wednesday's small loss. The main index EGX30 rose by 0.5 per cent to finish at 5.542.75 due to positive news on foreign investments related to blue chip stocks.
Heavyweight share Orascom Construction Industries (OCI) gained 1.3 per cent on news saying it would expand in the US by building a $1.4bn nitrogen fertiliser plant in Iowa and acquiring a US construction company.
OCI gained despitethe drop in its net income by a 28 per cent for the second quarter due to high start-up costs at its Algerian and US fertiliser plants
Egypt's National Société Générale Bank (NSGB) rose by 1.5 per cent after the Egyptian Financial Supervisory Authority (EFSA) sent a statement on Wednesday to the bourse saying the Qatar National Bank should present its offer to acquire NSGB within 60 days of the date of the Expression of Interest.
The broader index EGX70 rose by 1.3 per cent.
Commercial International Bank (CIB) fell by 0.1 per cent on foreign investors selling LE46.1 million worth of shares.
Egyptians were net-buyer on Thursday with LE31 million.
Property shares Talaat Mustafa Group (TMG), Palm Hills Development (PHD) and Six of October Development and Investments (SODIC) gained 0.4 per cent, 3.1 per cent and 1.5 per cent respectively.
Orascom Telecom (OT) and Ezz Steel rose by 0.2 per cent and 0.5 per cent respectively.
Of listed 186 shares on Thursday, 127 gained while 44 saw losses. The daily turnover reached LE657.8 million.

Clic here to read the story from its source.