Egypt, Elsewedy review progress on Ain Sokhna phosphate complex    US employment cost index 3.6% up in year to June 2025    Egypt welcomes Canada, Malta's decision to recognise Palestinian state    Pakistan says successfully concluded 'landmark trade deal' with US    Sterling set for sharpest monthly drop since 2022    Egypt, Brazil sign deal to boost pharmaceutical cooperation    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    Egypt exports first high-tech potato seeds to Uzbekistan after opening market    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'    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    I won't trade my identity to please market: Douzi    Sisi sends letter to Nigerian president affirming strategic ties    Two militants killed in foiled plot to revive 'Hasm' operations: Interior ministry    Egypt, Somalia discuss closer environmental cooperation    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.



US, Asia rallies help Egyptian shares rise
Published in Daily News Egypt on 25 - 11 - 2008

CAIRO: Market rallies in the United States and Asia helped Egypt s benchmark CASE 30 stock index jump nearly 5 percent on Tuesday, with investment bank EFG-Hermes soaring 13.51 percent.
Shares in Egypt s largest investment bank by market value, which tumbled nearly 80 percent this year to Monday s close, last traded at LE 15.12 ($2.73).
The rise helped the CASE 30 index, which plunged to its lowest level since February 2005 on Monday, to close at 3,866.95 points. The rival Hermes index gained 4.48 percent to 366.64 points.
This is a psychological rally, said Karim Hosny, a trader at Pharos Securities, adding that there was no fundamental news to boost shares.
Asian shares rose on Tuesday after the US government rescued banking giant Citigroup in a bid to prevent further damage to the struggling global financial system.
Commercial International Bank, Egypt s biggest privately-owned bank, rose as high as LE 30.13 before trimming its gains to last trade 3.67 percent higher at LE 28. Orascom Telecom, the biggest Arab mobile phone by subscribers gained 6.44 percent to LE 23.30.
Hashem Ghoneim, chief executive of El Nour Securities in Cairo, said the market still faced more volatility and could swing back into losses on more bearish economic news from Europe and the United States.
The market is volatile and the panic is still there, he said. Yesterday we were down when markets elsewhere were up.
Market euphoria after the Citigroup rescue effort has already faded in Europe, giving way to concerns about sharply deteriorating major economies such as China.
The World Bank said China s growth could slow to 7.5 percent in 2009, its slowest pace of expansion since 1990, as a result of the intensifying impact of the global financial turmoil.
Ghoneim, however, said the Egyptian stock exchange was unlikely to continue falling as sharply as it did over the last three months.
We will hit bottom soon if we haven t already hit it and we will go up again, he said. Shares are virtually for free here. They are trading at a P/E (price-to-earnings) ratio of 3 and 4, he added.


Clic here to read the story from its source.