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 stocks tumble on economic uncertainty, OCI dispute
Egypt stocks continue to fall as country faces economic challenges, unfriendly investment environment
Ahram Online Published in Ahram Online on 13 - 03 - 2013

Egyptian stocks continued to fall on Wednesday after yesterday's losses, as thousand of Orascom Construction Industries (OCI) workers blocked the Nile Corniche road to protest the investigation into OCI founder Onsi Sawiris and OCI chairman Nassef Sawiris, his son, on charges of tax evasion.
Egypt's main benchmark EGX30 index fell by 1.61 percent to 5,371 points while the broader-based EGX70 dropped by 1.56 percent.
The Egyptian government announced on Tuesday that it would refuse an 'emergency loan' from the International Monetary Fund (IMF), which has also provoked concern over the government's ability to overcome the country's economic challenges.
Some 120 listed stocks suffered losses, led by heavyweight shares OCI and Commercial International Bank (CIB), shares which tumbled by 2.53 percent and 1.55 percent respectively.
"There is no real incentive to invest in the market, the OCI tax dispute as well as the unknown fate of the IMF loan will definitely lead investors to exit the market gradually," said Issa Fathy, vice president of securities at the Egyptian Chamber of Commerce.
Total trade volume on Egypt's stock exchange stood at a mere LE307 million on Wednesday, as analysts predicted further economic volatility.
Egyptian and Arab investors were net buyers on the day picking up almost LE47 million and LE9 million respectively. Foreigners were net sellers offloading almost LE55 million worth of shares.
The National Societe General Bank (NSGB) jumped by 0.18 percent and closed at LE38 per share at the end of today's session, the highest price it has yet reached ahead of the Qatar National Bank's (QNB) acquisition of the bank.
HC Securities, an independent financial advisor, evaluated the NSGB share price at LE35.5 on Wednesday, which is lower than the price of the mandatory tender offer by QNB which was approximately LE38.65 per share.
http://english.ahram.org.eg/News/66798.aspx

Clic here to read the story from its source.