"Narrative Summit" Releases 2025 Recommendations to Cement Egypt's Position as a Global Tourism Destination    Egypt, S.Arabia step up trade ties through coordination council talks    Egypt reviews progress on $200m World Bank-funded waste management hub    Egypt urges Israel to accept Gaza deal amid intensifying fighting    Egypt, ADIB explore strategic partnership in digital healthcare, investment    SCZONE, Tokyo Metropolitan Government sign MoU on green hydrogen cooperation    Egypt welcomes international efforts for peace in Ukraine    Al-Sisi, Macron reaffirm strategic partnership, coordinate on Gaza crisis    Contact Reports Strong 1H-2025 on Financing, Insurance Gains    Egypt, India's BDR Group in talks to establish biologics, cancer drug facility    AUC graduates first cohort of film industry business certificate    Egyptian pound down vs. US dollar at Monday's close – CBE    Egypt's FM, Palestinian PM visit Rafah crossing to review Gaza aid    Egypt prepares unified stance ahead of COP30 in Brazil    Egypt recovers collection of ancient artefacts from Netherlands    Egypt harvests 315,000 cubic metres of rainwater in Sinai as part of flash flood protection measures    Egypt, Namibia explore closer pharmaceutical cooperation    Fitch Ratings: ASEAN Islamic finance set to surpass $1t by 2026-end    Renowned Egyptian novelist Sonallah Ibrahim dies at 88    Egyptian, Ugandan Presidents open business forum to boost trade    Al-Sisi says any party thinking Egypt will neglect water rights is 'completely mistaken'    Egypt's Sisi warns against unilateral Nile measures, reaffirms Egypt's water security stance    Egypt's Sisi, Uganda's Museveni discuss boosting ties    Egypt, Huawei explore healthcare digital transformation cooperation    Egypt's Sisi, Sudan's Idris discuss strategic ties, stability    Egypt to inaugurate Grand Egyptian Museum on 1 November    Greco-Roman rock-cut tombs unearthed in Egypt's Aswan    Egypt reveals heritage e-training portal    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    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    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.



Egypt's stock market loses billions after Sunday's violence
Published in Daily News Egypt on 10 - 10 - 2011

CAIRO: Egypt's benchmark index fell 2.25 percent on Monday, ending the session with a loss of LE 5.07 billion ($850.17 million), reacting to violence the day before.
Deadly clashes between army forces and protesters resulted in the death of 25 and more than 300 injuries on Sunday night when a march to Maspero, demanding Coptic rights and condemning an earlier attack against a church in Aswan, was itself met with violence.
The EGX 30 closed at 3,938.02 points while the broader EGX 70 fell 1.69 percent and the EGX 100 dropped 1.85 percent.
Bourse chairman Mohamed Omran said in a statement that he “understands the concerns of all investors and traders in the stock market regarding the security and political situation [in Egypt],” which weighed on the performance of the market on Monday.
He added that stability in the political arena will be “swiftly reflected in the performance of Egypt's capital market.”
The day's trading session started off with a 5 percent decline, shedding LE 10.2 billion ($1.7 billion) of total market capitalization, which reached LE 302.6 billion ($50 billion), according to an official at the stock exchange.
It later recouped some of the losses, ending with a market cap of LE 308 million.
Omran urged investors to look at the fundamentals of listed companies, more than 81 percent of which saw growth in the first half of 2011, he said in the statement.
He added that based on recent discussions, global financial institutions are keen on investing in Egypt and are awaiting political stability before “pumping money and new investments into the market.”
Sectors that lost the most included the travel and leisure industry, telecommunications, real estate, banks and construction materials.
Ezz Steel dropped from LE 5.74 to LE 5.52, while Cairo-based Citadel Capital fell from LE 3.11 to LE 3.01.
Nile Pharmaceuticals lost 5.74 percent, closing LE 32.00.
Industries that did not see declines included the retail sectors, oil and gas, technology, media and utilities.
Egyptian International Tourism Projects (EITP) was among the companies that fared well, gaining 4.97 percent.
Most active gainers included Arab Aluminum, which closed at LE 40.95 rising, 4.97 percent. Development and Engineering Consultants, among the real estate sector, rose by 3.48 percent, reaching a value of LE 11.29.
Suez Canal and inflation
Meanwhile, Suez Canal revenues for September saw an increase of 6.9 percent over the previous year to reach LE 438.3 million, but a 7.3 percent decline from last month, according to Reuters.
The waterway, along with oil and gas exports, tourism, and remittances from Egyptians living abroad, is a vital source of foreign currency in Egypt.
Foreign currency reserves have been constantly decreasing, currently reaching about LE 24 billion, according to economists.
Urban consumer inflation came in at 8.2 percent in the 12 months to September compared to 8.5 percent in August, Reuters reported citing CAPMAS.
The urban consumer price index for September was 118.8 versus 109.8 a year earlier, the state statistics agency said.
However, core annual inflation rose to 7.95 percent in the year to September from 6.98 in August, according to the central bank.
Core inflation strips out subsidized goods and volatile items including fruit and vegetables. –Additional reporting by Reuters


Clic here to read the story from its source.