Ramsco's Women Empowerment Initiative Recognized Among Top BRICS Businesswomen Practices for 2025    Egypt, Elsewedy review progress on Ain Sokhna phosphate complex    Gold prices end July with modest gains    Pakistan says successfully concluded 'landmark trade deal' with US    Egypt's FM, US envoy discuss Gaza ceasefire, Iran nuclear talks    Modon Holding posts AED 2.1bn net profit in H1 2025    Egypt's Electricity Ministry says new power cable for Giza area operational    Egypt's Al-Sisi, Italian defence minister discuss Gaza, security cooperation    Egypt's FM discusses Gaza, Nile dam with US senators    Aid airdrops intensify as famine deepens in Gaza amid mounting international criticism    Health minister showcases AI's impact on healthcare at Huawei Cloud Summit    On anti-trafficking day, Egypt's PM calls fight a 'moral and humanitarian duty'    Federal Reserve maintains interest rates    Egypt strengthens healthcare partnerships to enhance maternity, multiple sclerosis, and stroke care    Egypt keeps Gaza aid flowing, total tops 533,000 tons: minister    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    Rafah Crossing 'never been closed for one day' from Egypt: PM    I won't trade my identity to please market: Douzi    Two militants killed in foiled plot to revive 'Hasm' operations: Interior ministry    Egypt's EHA, Huawei discuss enhanced digital health    Egypt, Oman discuss environmental cooperation    Egypt's EDA explores pharma cooperation with Belarus    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.



Egyptian shares join world rally, OCI and OT lead
Published in Daily News Egypt on 13 - 10 - 2008

CAIRO: Egyptian shares followed global markets higher on Monday after governments across the world took new measures to rescue troubled banks and Egypt s pledge to guarantee lenders and deposits.
Market heavyweight Orascom Construction Industries gained 5.54 percent to last trade at LE 238.85 ($43.19). Regional mobile phone operator Orascom Telecom jumped 7.85 percent to LE 36.
Banks and financial stocks also gained, with EFG Hermes, one of the largest Arab investment banks, last traded 1.1 percent higher at LE 26.65 a share. Commercial International Bank, Egypt s top privately-owned bank, rose 4 percent to LE 35.88.
This is a reaction to what is happening with world markets, said Hashem Ghoneim of El Nour Securities.
And of course the market was really down so we were expecting a rebound.
The benchmark CASE 30 index, which had tumbled nearly 50 percent this year to Sunday s close, jumped 4.90 percent to 5,760.90 points.
The Hermes index gained 3.62 percent to 515.02 points, while the CIBC index rose 1.06 percent to 303.11 points.
World stocks jumped on Monday from last week s five-year low after policymakers around the world took new and drastic steps to rescue banks and prevent the global economy from sinking into recession.
The Egyptian central bank also weighed in, saying on Sunday it would guarantee all deposits and reassuring markets that the bank s foreign reserves and the overseas positions of Egyptian banks were secure.
Central Bank Governor Farouk El-Okdah said monetary policy would act to support economic growth and will not ignore the turmoil in financial markets, an indication that a cycle of raising interest rates may come to an end.
Teymour El-Derini, a trader at Beltone Financial, said while the market welcomed the reassurances from the government and central bank, the main reasons behind Monday s rally were the upward trend in global markets and the bargain-hunting by foreign investors.
Bucking the upward trend were firms like brokerage house Pioneers Holding, which plunged 14.44 percent to LE 6.40 a share.
It is a brokerage business and volume-based, so when the market is crushed and there is less volume, this means less revenue-generation for them, Derini said.


Clic here to read the story from its source.