Egypt partners with Google to promote 'unmatched diversity' tourism campaign    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Taiwan GDP surges on tech demand    World Bank: Global commodity prices to fall 17% by '26    Germany among EU's priciest labour markets – official data    UNFPA Egypt, Bayer sign agreement to promote reproductive health    Egypt to boost marine protection with new tech partnership    France's harmonised inflation eases slightly in April    Eygpt's El-Sherbiny directs new cities to brace for adverse weather    CBE governor meets Beijing delegation to discuss economic, financial cooperation    Egypt's investment authority GAFI hosts forum with China to link business, innovation leaders    Cabinet approves establishment of national medical tourism council to boost healthcare sector    Egypt's Gypto Pharma, US Dawa Pharmaceuticals sign strategic alliance    Egypt's Foreign Minister calls new Somali counterpart, reaffirms support    "5,000 Years of Civilizational Dialogue" theme for Korea-Egypt 30th anniversary event    Egypt's Al-Sisi, Angola's Lourenço discuss ties, African security in Cairo talks    Egypt's Al-Mashat urges lower borrowing costs, more debt swaps at UN forum    Two new recycling projects launched in Egypt with EGP 1.7bn investment    Egypt's ambassador to Palestine congratulates Al-Sheikh on new senior state role    Egypt pleads before ICJ over Israel's obligations in occupied Palestine    Sudan conflict, bilateral ties dominate talks between Al-Sisi, Al-Burhan in Cairo    Cairo's Madinaty and Katameya Dunes Golf Courses set to host 2025 Pan Arab Golf Championship from May 7-10    Egypt's Ministry of Health launches trachoma elimination campaign in 7 governorates    EHA explores strategic partnership with Türkiye's Modest Group    Between Women Filmmakers' Caravan opens 5th round of Film Consultancy Programme for Arab filmmakers    Fourth Cairo Photo Week set for May, expanding across 14 Downtown locations    Egypt's PM follows up on Julius Nyerere dam project in Tanzania    Ancient military commander's tomb unearthed in Ismailia    Egypt's FM inspects Julius Nyerere Dam project in Tanzania    Egypt's FM praises ties with Tanzania    Egypt to host global celebration for Grand Egyptian Museum opening on July 3    Ancient Egyptian royal tomb unearthed in Sohag    Egypt hosts World Aquatics Open Water Swimming World Cup in Somabay for 3rd consecutive year    Egyptian Minister praises Nile Basin consultations, voices GERD concerns    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.



Egypt bourse picks up after historic losses
Published in Daily News Egypt on 29 - 09 - 2011

CAIRO: EGX 30, Egypt's main index picked up by 1.04 percent reaching 4,137.35 points on Thursday after recording one of its biggest losses in history over the past two days.
Overall for the day's forecast, the market fared well seeing steady increases.
EGX 70 increased by 2.42 percent reaching a value of LE 458.40, while EGX 100 increased by 1.89 percent with a value of LE 707.65.
Some of the most active gainers for the day included Unipack, Arab Dairy, KZ Chemicals, and Prime Holdings.
Unipack's Universal for Paper and Packaging Materials was the best performing, rising 9.22 percent on Thursday to LE 7.11.
Arab Dairy increased 7.64 percent going from LE 53.16 to LE 57.22; Kafr El Zayat Chemicals increased 7.82 percent reaching LE 170.37.
While Prime Holdings and Investments increased by 8.21 percent reaching LE 1.45.
The market's worst performers were companies from the building materials and real estate sectors including Lift Slab Misr, which fell 9.99 percent reaching a price of LE 12.35 and Cairo Development and Investment that fell 9.96 percent reaching LE 9.85. Moreover, Al Ezz Dekheila Steel Co. also fell by 9.95 percent reaching LE 459.58.
On Wednesday, the Egyptian Stock Exchange seeing its fifth largest daily loss in history, with LE 10 billion, (about $1.68 billion).
While on Tuesday, the exchange saw a loss of LE 3.4 billion ($570 million). The losses came in light of political parties threatening to boycott elections, if the ruling military council did not amend the electoral law.
Planned mass protests on Sep.30 to denounce the ruling military council's decision to prolong emergency law and “reclaim the revolution” were also seen to have an affect on stock performance.
As a result, Egyptian shareholders, mainly individuals, were selling-off on Tuesday and Wednesday, despite net purchases by foreign and Arab investors.
Moreover, the board of directors of the Egyptian Financial Supervisory Authority (EFSA) penalized three brokerage firms on Wednesday for “violating market rules and participating in illegal activity,” according to a statement from the EFSA.
The authority fined Tycoon Securities, Kenana for Trading in Securities, and the Mirage Securities after they were allegedly found to have violated Article 31 of Capital Market Law, which “threatens the stability” of the capital market and interests of dealers with the company.
As retribution, Tycoon's penalty included raising its insurance by LE 1.5 million, while Mirage Securities' insurance was raised by LE 2.5 million.
All three companies were also suspended from activity for three business months.


Clic here to read the story from its source.