Masress : Egyptian stock exchange ends the week on a positive note

Egypt, Saudi Arabia coordinate on regional crises ahead of first Supreme Council meeting FRA launches first register for tech-based risk assessment firms in non-banking finance Egypt's Health Ministry, Philips to study local manufacturing of CT scan machines African World Heritage Fund registers four new sites as Egypt hosts board meetings Maduro faces New York court as world leaders demand explanation and Trump threatens strikes Egypt identifies 80 measures to overhaul startup environment and boost investment Turkish firm Eroglu Moda Tekstil to invest $5.6m in Egypt garment factory EGX closes in red area on 5 Jan Gold rises on Monday Oil falls on Monday Al-Sisi pledges full support for UN desertification chief in Cairo meeting Al-Sisi highlights Egypt's sporting readiness during 2026 World Cup trophy tour Egypt opens Braille-accessible library in Cairo under presidential directive Abdelatty urges calm in Yemen in high-level calls with Turkey, Pakistan, Gulf states Madbouly highlights "love and closeness" between Egyptians during Christmas visit Egypt confirms safety of citizens in Venezuela after US strikes, capture of Maduro From Niche to National Asset: Inside the Egyptian Golf Federation's Institutional Rebirth 5th-century BC industrial hub, Roman burials discovered in Egypt's West Delta Egyptian-Italian team uncovers ancient workshops, Roman cemetery in Western Nile Delta Egypt, Viatris sign MoU to expand presidential mental health initiative Egypt's PM reviews rollout of second phase of universal health insurance scheme Egypt sends medical convoy, supplies to Sudan to support healthcare sector 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 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 warns of erratic Ethiopian dam operations after sharp swings in Blue Nile flows 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.

Egyptian stock exchange ends the week on a positive note
Egyptian benchmark EGX30 index gained 1.17 percent on Thursday after reaching a year low earlier in the week

Ahram Online Published in Ahram Online on 13 - 06 - 2013

Egyptian benchmark EGX30 index made up somewhat for the week's heavy losses on Thursday, gaining 1.17 percent to reach 4,651 points.
The index had fallen 5 percent on Wednesday to reach a one-year low.
"Over the past days, buyers were awaiting another wave of selling to drag shares' prices down further," Issa Fathi, vice president of the securities division at the Egyptian Chamber of Commerce told Ahram Online.
"On Thursday, selling operations decreased slightly, forcing buyers to raise prices," he added.
Turnover, however, decreased considerably compared to Wednesday, to register LE172.2 million ($24.6 million).
Egyptians, worried by political instability, continued to be net sellers, registering a net flow of LE47.5 million, while foreign and Arab investors were net buyers.
"Foreigners and Arab are eyeing medium and long term investments," underlines Fathi.
In general, when share prices drop beneath their real market price, they become attractive for long term investment, as a rise in value over time is almost certain.
Egyptian stocks were dealing in the red since the beginning of June, with the exception of Tuesday's and Thursday's sessions.
The market was driven during today's session by solid performances by market bellwethers Commercial International Bank (CIB) and Orascom Construction Industries (OCI) on the London Stock Exchange.
On the Egyptian exchange, CIB gained 1.36 percent while OCI rose by 0.09 percent.
Orascom Telecom Holding (OT) and Telecom Egypt gained 1.33 percent and 1.10 percent respectively and Egypt's biggest investment bank EFG-Hermes rose by 2.15 percent.
Over the week, the EGX30 has lost 8.1 percent.
Fathy expects a better performance over the coming week, with the market stabilising and reducing its losses or even to achieving slight gains. However, he believes turnover will be low.
Out of 158 shares traded over the day, 80 gained in value while 51 lost.
The broader index EGX70 gained 0.52 percent.
http://english.ahram.org.eg/News/73948.aspx

Clic here to read the story from its source.