Gaza on verge of famine as war escalates, ceasefire talks stall    Gaza crisis, trade on agenda as Trump hosts Starmer in Scotland    Obama calls for aid access to Gaza, says 'no justification' for withholding food    Egyptian president follows up on initiatives to counter extremist thought    Egypt's SCZONE eyes deeper investment, port digitalisation ties with Singapore    Egypt's gold prices slip slightly on July 28th    Egypt's Housing Min. reviews HDP marketing plan    Indian Embassy to launch cultural festival in Assiut, film fest in Cairo    Egypt, South Africa pledge to deepen development cooperation at G20 meeting    Egypt's PM orders road maintenance review, tougher penalties to curb accidents    Egypt, Novartis explore expanding collaboration in oncology, cardiology    Egyptian aid convoy heads toward Gaza as humanitarian crisis deepens    Midar partners with Adeer to develop Boulevard project in Mostakbal City with EGP 70bn investment    Association of Real Estate Developers seeks urgent meeting over threatened land deallocation on Northwest Coast    Culture minister launches national plan to revive film industry, modernise cinematic assets    Sudan's ambassador to Egypt holds reconstruction talks on with Arab League    I won't trade my identity to please market: Douzi    Egypt welcomes 25-nation statement urging end to Gaza war    Sisi sends letter to Nigerian president affirming strategic ties    Egypt, Senegal sign pharma MoU to unify regulatory standards    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    Egypt's EHA, Huawei discuss enhanced digital health    Foreign, housing ministers discuss Egypt's role in African development push    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    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 index climbs to 7-month high
Published in Daily News Egypt on 19 - 02 - 2012

CAIRO: Egypt's main index rose to its highest daily close since July 21 after the finance minister says the country will sign a $3.2 billion loan agreement with the International Monetary Fund (IMF) next month, traders said.
Finance Minister Mumtaz Al-Saeed confirmed a report in Al-Ahram newspaper that reported Egypt would receive one-third of the funds immediately and the rest within six months after the signing.
Traders said progress on the IMF loan and on the political front indicate Egypt may be getting back on track after a year of turmoil.
"The IMF negotiations and the clearer timetable for presidential elections are boosting confidence in the market. Investors are pouring fresh cash into Egypt," said Chamel Fahmy of Pharos Securities.
An official at the judicial committee supervising elections told Reuters on Sunday that a presidential election will be held in the first week of June, several weeks ahead of the previously announced end-June deadline for the vote.
The index closed 2.9 percent higher at 5,113 points, and real estate stocks led the gains.
"There is bottom-fishing on the market as investors seek cheap stocks for which prices may well boom after elections," said Sherif El-Sweify of Delta Rasmallah Securities.
"I think 2012 will be the year of investment banking in Egypt. Firstly, stocks are highly underpriced, and also there is a broad sentiment of a stabilizing political situation after the announcement of timetables for presidential elections and the writing of the new constitution."
Palm Hills jumped 10 percent, Egyptian Resorts 9.7 percent, and Amer Group 9.5 percent. Talaat Moustafa climbed 5.5 percent.
"There is market talk of potential mergers and acquisitions in the real estate sector, which is boosting the index," said El-Sweify.
Ezz Steel rose 5.7 percent.


Clic here to read the story from its source.