Egypt, Jordan launch high-capacity Coral Bridge submarine cable    Egyptian pound shows stability vs. USD in early trade    Egypt's PM heads to Japan for TICAD 9 Africa development summit    National Council for Childhood reviews plan to combat child labour    Egypt's Supreme Organ Transplant Committee strengthens oversight, standards    African agribusiness market expected to reach $1tr by 2030    Price cuts underway across Egypt, says trade federation report    Zelenskyy seeks US security guarantees as Trump says he can 'end war now'    Israelis protest for hostage deal amid growing pressure on Netanyahu    Serbia's Vucic vows 'tough measures' against protesters after unrest    Egypt's FM, Palestinian PM visit Rafah crossing to review Gaza aid    Egypt delivers over 30 million health services through public hospitals in H1 2025    Egypt recovers collection of ancient artefacts from Netherlands    Egypt harvests 315,000 cubic metres of rainwater in Sinai as part of flash flood protection measures    Egypt, Namibia explore closer pharmaceutical cooperation    Fitch Ratings: ASEAN Islamic finance set to surpass $1t by 2026-end    Renowned Egyptian novelist Sonallah Ibrahim dies at 88    Egyptian, Ugandan Presidents open business forum to boost trade    Al-Sisi says any party thinking Egypt will neglect water rights is 'completely mistaken'    Egypt's Sisi warns against unilateral Nile measures, reaffirms Egypt's water security stance    Egypt's Sisi, Uganda's Museveni discuss boosting ties    Egypt, Huawei explore healthcare digital transformation cooperation    Egypt's Sisi, Sudan's Idris discuss strategic ties, stability    Egypt's govt. issues licensing controls for used cooking oil activities    Egypt to inaugurate Grand Egyptian Museum on 1 November    Egypt's Sisi: Egypt is gateway for aid to Gaza, not displacement    Greco-Roman rock-cut tombs unearthed in Egypt's Aswan    Egypt reveals heritage e-training portal    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    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.



Non-Arabs pull Egypt's market down
Published in The Egyptian Gazette on 22 - 12 - 2010

CAIRO - Egyptian stocks fell on Wednesday as non-Arab investors were driven by a bearish sentiment, traders said.
Non-Arabs made net sell-offs worth LE16.3 million ($2.8 million), locals and Arabs made net purchses exceeding LE10.7 million and LE5.5 million respectively.
Locals made net sell-offs worth LE38.3 million, according to the Egyptian Exchange.
The North African country's benchmark index EGX 30 shed 0.51 per cent to 6,910.28 points. The EGX 70, which measures 70 of the country's small and mid caps, slipped by 0.27 per cent to 722.01 points. Volume hit LE604 million, according to the Egyptian Exchange.
Commercial International Bank (CIB) shed 2.45 per cent to LE45.87 per share.
Orascom Construction Industries gained 0.82 per cent to LE269.09 per share.
Orascom Telecom, the largest Arab mobile operator by subscribers, rose by 1.42 per cent to LE4.3 per share. Real-estate developer Talaat Moustafa added 0.86 per cent to LE8.22 per share.
Globally, the euro hit an all-time low against the Swiss franc following credit ratings warnings on Portugal and Greece, according to Reuters.
European shares traded near 27-month highs on hopes for global economic growth next year.
Moody's warned it might cut Portugal's rating, while Fitch made a similar statement about Greece. The announcements kept the countries' bonds under selling pressure.
Oil prices rose after data showed that US oil and gasoline inventories are dropping as a cold snap persists in the United States and Europe.
The warnings from the ratings agencies reminded investors that eurozone debt problems are far from over, just as markets seek more information on how European officials will deal with fiscal issues in the future.
"There's been no clarity on what European Union leaders will do to deal with the debt crisis," said Investec economist Philip Shaw.
"That uncertainty, coupled with the threat of downgrades to various peripheral countries has led to more spread widening and a weaker euro."
In holiday-thinned trade, the euro fell just under 1.2500 Swiss francs, its weakest since the single currency was launched in 1999.
"Clearly these are terrible market conditions and the speed at which the euro is losing ground against the Swiss franc is a bit disconcerting," said Geoffrey Yu, currency strategist at UBS.
The euro also hit a lifetime low against the high-yielding Australian dollar, while trading slightly higher on the day against the dollar at $1.3127.
Greek 10-year bond yields were little changed at over 12 percent, while Portugal was the notable underperformer with 10-year yields rising 10 basis points to 6.8 per cent.
Many analysts argue that markets were already pricing even more gloom for the euro zone's weaker members - Greece, Portugal, Spain, Ireland and Belgium - and that ratings agencies were merely playing catch-up.


Clic here to read the story from its source.