Suez Canal signs $2bn first-phase deal to build petrochemical complex in Ain Sokhna    ICJ holds Israel responsible for worsening humanitarian crisis in Gaza    Omar Hisham announces launch of Egyptian junior and ladies' golf with 100 players from 15 nations    Egypt, Sudan discuss boosting health cooperation, supporting Sudan's medical system    Cairo Metro's Line 4 project with Japan gets cabinet green light    Defying US tariffs, China's industrial heartland shows resilience    Pakistan, Afghanistan ceasefire holds as focus shifts to Istanbul talks    Beit Logistics invests EGP 500m to develop Safaga Integrated Logistics Center    Egypt's Social Housing Fund, United Bank sign deal to expand mortgage finance cooperation    Survivors of Nothingness – Part Three: Politics ... Chaos as a Tool of Governance    EU's Kallas says ready to deepen partnership with Egypt ahead of first summit    Egypt's Sisi hails Japan's first female PM, vows to strengthen Cairo-Tokyo ties    Egypt's exports to EU surge 7.4% to $8.7b in 8 months — CAPMAS    Egypt makes news oil, gas discoveries in Nile Delta    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    Egypt's PM reviews efforts to remove Nile River encroachments    Health Minister reviews readiness of Minya for rollout of universal health insurance    Egypt screens 13.3m under presidential cancer detection initiative since mid-2023    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, WHO sign 2024-2028 country cooperation strategy    Egypt: Guardian of Heritage, Waiting for the World's Conscience    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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IMF loan pushes up Egypt stocks 1.8 pct
Investors continued to respond positively to news of agreement between the IMF and Egypt on a $4.8 billion in Wednesday trading
Published in Ahram Online on 21 - 11 - 2012

Egypt stocks soared during Wednesday trading as the success of the government in reaching agreement with the International Monetary Fund on a $4.8 loan Tuesday positively affected investors' behaviour.
The benchmark EGX30 gained by 1.8 per cent to close at 5,482.13 points in a session that saw a daily turnover recording some LE376 million.
"The stocks rise was expected. News spread in the market that Egypt had reached an initial loan agreement with the IMF, and had an extended influence on today's session," Ashraf Abdelaziz, head of institutional sales at the Cairo-based Arabeya Online Securities, told Ahram Online
Foreign investors positively received news of the IMF loan, ending trading as net-buyer with some LE11.6 million.
On the other hand, domestic investors seemed affected by ongoing clashes in Cairo between security forces and protesters ostensibly marking the first anniversary of the Mohamed Mahmoud Street battle of 2011. Domestic investors were net-sellers at LE15.5 million.
Market blue chips Orascom Construction Industries (OCI) and Commercial International Bank rose by 0.5 and 2.7 per cent respectively.
Telecommunication shares gained Wednesday headed by Orascom Telecom, up 2.2 per cent. Telecom Egypt also rose by 2.38 per cent.
Property shares in Talaat Mostafa Group and Six of October Development and Investment Company (SODIC) rose by 2.2 and 0.8 per cent respectively.
http://english.ahram.org.eg/News/58802.aspx


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