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.



EGX 30 Dives 11.6% In Week Amid President's Controversial Decree Repercussions
Published in Amwal Al Ghad on 01 - 12 - 2012

During the last week which witnessed the repercussions of Egyptian President's controversial constitutional declaration, the Egyptian Exchange has posted losses of around EGP 33.8 billion.
Morsi's new declaration has sharply divided the country into supporters and opponents triggering controversies among political parties and the general public which in return have heighten the political tensions.
The week had started with witnessing EGX indices' first-minute severe loses which had exceeded 5% driving the bourse administration to halt the trading for 30 minutes.
After a 30-minute suspension, the Egyptian Exchange (EGX) has resumed trading reporting losses of EGP 25 billion as the capital market has amounted to EGP 347.991 billion, according to data compiled by Amwal Al Ghad at 11:46 a.m. Cairo time (09:46 GMT). Later during the closing session, the Egyptian Exchange (EGX) extended its early severe losses to eventually reach EGP 29.4 billion as the capital market has amounted to EGP 343.823 million, the third biggest fall since the outbreak of the 25th January revolution.
The benchmark EGX30 index sunk by 11.6 % this week, representing a decline of 631.62 points, ending Thursday's transactions at 4807.67 points compared to 5439.29 points at the end of last week. During Black Sunday, the EGX30 dived by 9.59% to close at 4917.73 pts, recording the second biggest drop since the outbreak of the revolution.
The benchmark stock index surrendered its spot as the world's best performer this year after renewed political unrest in the country triggered the worst drop since last year's uprising.
EGX30, which tumbled the most on Sunday (Black Sunday) since the start of last year's uprising, slid 3.9 percent to 4,726.04 at 10:37 a.m. in Cairo today, trimming this year's gains to 31 percent. The measure lost the top spot to Pakistan's Karachi 100 Index and fell to fifth place among 93 indexes tracked by Bloomberg. The Egyptian pound, subject to managed float, weakened 0.2 percent, the biggest intraday drop since December 2011, to 6.1042 a dollar.
"Egypt has a political risk factor, which will affect sentiment in the short-term," says Marwan Shurrab, vice-president and chief trader at Gulfmena Investment. "It has rallied aggressively after the revolution - a sell off like yesterday is expected."
Investors said protests in Egypt were affecting sentiment across the Gulf region.
the index hit its highest point on Tuesday closing at 5,048.17 points, where its lowest point recorded on Thursday at 4807.67 points.
Companies' Weekly Performance Highlights:
Orascom Construction Industries (OCIC.CA) closed last week at EGP 252.24, while closed on Thursday at EGP 216.6, dipping by EGP 35.64 (14 %).
Stock highest close during the week came on Monday closing at EGP 233.83, while the lowest close came on Wednesday at EGP 21.48.
On Wednesday, Orascom third-quarter net income declined 31 percent, meeting analyst estimates, as Egypt's largest publicly traded business booked provisions on several projects.
Profit in the period declined to $126.8 million from $182.9 million a year earlier, primarily due to a “seasonal slowdown" in the construction group's work and “provisioning on several projects," the Cairo-based builder and fertilizers maker said.
The mean estimate of six analysts was for a profit of $127 million, according to data compiled by Bloomberg.
OCI said it expects “strong demand" for its fertilizers to continue due to record incomes for farmers in the U.S. and a rise in demand for crops, especially corn and wheat.
ELSWEDY ELECTRIC (SWDY.CA) closed last week at EGP 24.57, while closed on Thursday at EGP 22.24 (highest close), dipping by 9 % (EGP 2.33).
Stock lowest close during the week came on Wednesday at EGP 20.99.
On Thursday, ELSWEDY reported consolidated financial results posting a net profit of EGP 179,097,579 for the period from 01/01/2012 till 30/09/2012.
Noting that, it posted net profits of EGP 559,449,928 for the same period of the previous year.
Moreover, the company reported standalone financial results posting a net profit of EGP 391,706,111 for the period from 01/01/2012 till 30/09/2012.
Noting that, it posted net profits of EGP 288,863,998 for the same period of the previous year.
Revenues in Q3 2012 decreased by 14% to reach EGP 3.3 billion versus EGP 3.9 billion in Q3 2011. The Wire and Cable segment achieved revenues of EGP 2.6 billion in Q3 2012, 5% lower than Q3 2011. Turnkey Revenues in Q3 2012 were 54 % lower than Q3 2011 reaching EGP 364 million. Meters revenues surged by 81% YoY, whilst transformers revenues were 61% lower. Electrical Products revenues were 31% higher YoY.
Gross Profit declined by 25% to reach EGP 420 million in Q3 2012 versus EGP 563 million in Q3 2011.The Gross Profit in the Wire and Cable segment was 23% higher in Q3 2012 versus Q3 2011, (EGP 255 million versus EGP 208 million). Turnkey Gross Profit decreased by 69% in Q3 2012 to reach a Gross Profit of EGP 75 million versus EGP 244 million in Q3 2011. The Meters division achieved an 85% increase in gross profit in Q3 2012 versus Q3 2011, reaching EGP 58 million.
Regarding Investors' Activity:
Local investors led the market activity all through the week, followed by Foreign and Arab investors respectively.
Arab investors were the most active buyers this week earning the value of EGP 153,468,327.
Foreign investors chose also to buy by value of EGP 20,627,147.
Local investors were most active sellers this week by the value of EGP 174,095,474.
Retail & Institutions' Activity:
Retail activity led the market all through the week as it ranged between 30.06 – 69.46 %.
While Institutions activity ranged during this week between 30.53 - 69.93 %.


Clic here to read the story from its source.