Egypt's anti-drug body launches new awareness phase in Maspero Triangle    Agiba Petroleum starts production from Arcadia-28 at 4,100 BOE/day    Minister El-Shimy pushes for stronger returns, partnerships in real estate, construction sectors    Apparel, textile chambers engage with Chinese delegation to explore investment opportunities in Egypt    Egypt reviews health insurance funding mechanism to ensure long-term sustainability    Obama calls for aid access to Gaza, says 'no justification' for withholding food    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    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    Egyptian aid convoy heads toward Gaza as humanitarian crisis deepens    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 markets fall as big caps weigh
Published in Daily News Egypt on 13 - 11 - 2008

CAIRO: Shares in some of Egypt s biggest firms clocked heavy losses on Thursday, pushing the index into negative territory despite a plethora of third quarter results showing some resilience among construction and cement firms.
Orascom Construction fell 3.31 percent to LE 172.74 ($31.21) and Orascom Telecom shed 6.32 percent to LE 30.25, with brokers saying much of the selling pressure on blue chips came from foreigners exiting.
Together, those stocks constitute close to 40 percent of the benchmark CASE 30 index, which ended down 3.95 percent at 4,823.59 points.
Traders said the Egyptian market remain enthralled by market movements in Europe and the United States, and to a lesser extent in the Gulf region.
We are affected by the global markets whether we like it or not, said Karim Hosny from Pharos Securities. He added that investors were not closely watching the string of third quarter results issued this week.
The effects of the crisis won t appear now on the results of the companies, it will probably appear in the next couple of quarters, he said.
Telecom Egypt shares fell 1.36 percent after posting a 35 percent jump in third quarter profit.
The third biggest weight on the index, Commercial International Bank posted a 25 percent rise in profit that still came in below one analyst s expectation, and ended up slightly at LE 31. Investment bank EFG-Hermes lost more than 10 percent to end at LE 19.70.
On the positive side, cement and steel firms solidified profit gains with growth on the market.
Egypt s largest cement maker, Suez Cement gained 1.64 percent to LE 23.50 after it posted a 14 percent rise in nine-month profit on the strength of the local market.
Investors, mainly from the Gulf, are pouring billions of dollars into construction projects in Egypt.
Ezz Dekheila Steel, a subsidiary of Ezz Steel, made net profit of LE 2.7 billion in the first nine months of 2008, 53 percent up on the same period of 2007.
The Hermes index fell 3.08 percent to 447.74 points.


Clic here to read the story from its source.