African trade ministers meet in Cairo to push forward with AfCFTA    Scatec's $3.6bn renewables portfolio part of Egypt's NWFE energy pillar    Egypt's stocks end lower on Sept 16    Egypt launches international architecture academy with UNESCO, European partners    Egypt's President, Pakistan's PM condemn Israeli attack on Qatar    Egypt's PM, Russian deputy PM discuss industrial zone, Dabaa nuclear plant    Egypt signs MoUs with 3 European universities to advance architecture, urban studies    Sisi tells global leaders at Macron's video conference: Israel crossed all red lines    Egypt to begin second phase of universal health insurance in Minya    Madrid trade talks focus on TikTok as US and China seek agreement    Power of Proximity: How Egyptian University Students Fall in Love with Their Schools Via Social Media Influencers    Egypt wins Aga Khan Award for Architecture for Esna revival project    Egypt's Foreign Minister, Pakistani counterpart meet in Doha    Egypt condemns terrorist attack in northwest Pakistan    Egypt advances plans to upgrade historic Cairo with Azbakeya, Ataba projects    Egyptian pound ends week lower against US dollar – CBE    Egypt hosts G20 meeting for 1st time outside member states    Lebanese Prime Minister visits Egypt's Grand Egyptian Museum    Egypt to tighten waste rules, cut rice straw fees to curb pollution    Egypt seeks Indian expertise to boost pharmaceutical industry    Egypt prepares unified stance ahead of COP30 in Brazil    Egypt harvests 315,000 cubic metres of rainwater in Sinai as part of flash flood protection measures    Al-Sisi says any party thinking Egypt will neglect water rights is 'completely mistaken'    Egyptian, Ugandan Presidents open business forum to boost trade    Egypt's Sisi, Uganda's Museveni discuss boosting ties    Egypt's Sisi warns against unilateral Nile measures, reaffirms Egypt's water security stance    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.



Egypt's market mixed; non-Arabs weigh
Reuters Published in The Egyptian Gazette on 27 - 12 - 2010

CAIRO - Non-Arab buying pushed Egypt's main index 0.57 per cent up on Monday, traders said. Non-Arab investors made net purchases worth LE4.5 million ($776,000) and LE1.1 million respectively, they added.
Locals and Arabs mase net sell-offs worth LE3.1 million and LE1.4 million respectively.
The North African country's benchmark index EGX 30 gained 0.57 per cent to 6,968.12 points.
The EGX 70, which measures 70 of the country's small and mid caps, slipped 0.22 per cent to 723.48 points. Volume hit LE872.6 million, according to the Egyptian Exchange.
Orascom Construction Industries added 0.92 per cent to LE273.97 per share. Orascom Telecom, the largest Arab mobile operator by subscribers, shed 0.69 per cent to LE4.29 per share. Real estate developer Talaat Mustafa Group inched 0.48 per cent up to LE8.39 per share.
Citadel Capital jumped by 3.19 per cent to a one-year high at LE9.06 per share.
Globally, Chinese shares slid and European stocks followed suit as the impact of China's Christmas Day interest rate rise sunk in to thin markets, according to Reuters.
Chinese shares dropped 1.9 per cent after the People's Bank of China raised interest rates on Saturday for the second time in just over two months.
The PBOC said it would raise the benchmark lending rate by 25 basis points to 5.81 per cent and lift the benchmark deposit rate by 25 basis points to 2.75 per cent.
Analysts expect more to come in 2011 as the Chinese authorities battle to keep a lid on inflation, which hit a 28-month high of 5.1 percent in November.
Asian shares excluding China bucked the downward trend.
The Morgan Stanley Capital International (MSCI) index of Asian stocks outside Japan rose 0.1 per cent with Japan's Nikkei closing up 0.75 per cent, extending its recent outperformance in Asia.
The Australian dollar steadied, having been knocked by China's move. Australia has benefited from strong Chinese demand for iron ore and other commodities.
"There was a knee-jerk sell-off in the Aussie but investors knew this China move was coming eventually. Providing the Chinese data holds up in 2011, the Aussie should stay supported," said Geoffrey Yu, a currency strategist at UBS.

Clic here to read the story from its source.