Egypt, France airdrop aid to Gaza amid growing humanitarian crisis, global criticism of Israel    Supply minister discusses strengthening cooperation with ITFC    Egypt launches initiative with traders, manufacturers to reduce prices of essential goods    SCZONE chief discusses strengthening maritime, logistics cooperation with Panama    Egypt strengthens healthcare partnerships to enhance maternity, multiple sclerosis, and stroke care    Egypt keeps Gaza aid flowing, total tops 533,000 tons: minister    Egypt reviews health insurance funding mechanism to ensure long-term sustainability    Gaza on verge of famine as war escalates, ceasefire talks stall    Gaza crisis, trade on agenda as Trump hosts Starmer in Scotland    Egyptian president follows up on initiatives to counter extremist thought    Indian Embassy to launch cultural festival in Assiut, film fest in Cairo    Egyptian aid convoy heads toward Gaza as humanitarian crisis deepens    Culture minister launches national plan to revive film industry, modernise cinematic assets    Egypt will keep pushing for Gaza peace, aid: PM    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 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    58 days that exposed IMF's contradictions on Egypt    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.



Horizontal trading at 7,100-7,150 points expected on EGX: analyst
The increase follows the Central Bank of Egypt's (CBE) decision to devalue the pound by 14.5% against the dollar, after holding an exceptional dollar auction for $200m
Mohamed Ahmed Published in Daily News Egypt on 15 - 03 - 2016

The Egyptian Exchange (EGX) continued to climb at the end of the Tuesday's trading, recording a rise of 1.94% to reach 7,139.44 points.
The increase follows the Central Bank of Egypt's (CBE) decision to devalue the pound by 14.5% against the dollar, after holding an exceptional dollar auction for $200m.
The Board of Directors of the EGX decided Monday to allow shares that required to be traded in foreign currencies to be traded in Egyptian pounds. The move was lauded by stock market experts, who projected that it would revive the volume of shares traded in US dollars after the recession experienced due to the lack of dollar liquidity.
The shares of five registered companies are traded in US dollars on the EGX: the Faisal Islamic Bank of Egypt, Al Arafa for Investment and Consultancies, Naeem Holding (NAHO), Egypt Kuwait Holding, and Maridive and Oil Services SAE (Maridive Group).
Ehab Abdel Rahman El-Saeed, a board member at Osool Securities Brokerage (ESBC), said the CBE's decision to provide an exceptional auction for $200m Monday bolstered the benchmark index, EGX-30, which climbed above the resistance level of 7,100 points during Tuesday trading.
He added that, after the market began Tuesday's session moving towards 7,157 points, it took a horizontal trend, tending to decrease. The session closed at 7,139 points.
El-Saeed pointed out that the EGX's increasing trend slowed Tuesday, affected by the 6.7% increase it registered on Monday following the devaluation of the pound against the dollar, raising the latter's exchange value from EGP 7.73 to EGP 8.85.
El-Saeed expected trading to take on a horizontal trend during Wednesday's transactions, ranging between 7,100 and 7,150 points, plateauing after the increase it has registered in the previous eight sessions.
For his part, Chairman of EAC-Themar Securities Brokerage Adel Abdel-Fattah said the decisions the Central Bank of Egypt took on Monday and Tuesday pushed investors to increase the volume of transactions to take advantage of the low prices of shares.

Clic here to read the story from its source.