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Bears pull Egyptian bourse down
Reuters Published in The Egyptian Gazette on 27 - 04 - 2011

CAIRO - Egyptian stocks fell on Wednesday as investors were driven by a bearish sentiment, traders said. The country's benchmark index EGX 30 shed 0.32 per cent to 4,973.18 points, they added.
The broader indexes EGX 70 and EGX 100 were also in the red falling by 0.57 and 0.4 per cent to 581.53 and 910.96 points respectively.
Volume totalled LE314 million ($52.7 million), according to Bourse data.
Egypt's heavyweight Commercial International Bank (CIB) fell by one per cent to LE27.36 per share. EFG-Hermes, the country's biggest investment bank by market value, plunged by four per cent to LE16.72 per share.
The Egyptian Financial Supervisory Authority (EFSA) said it had decided to give companies an extra month to submit their year-end 2010 and first-quarter 2011 results.
"The board has decided to extend by one month the deadline for listed companies to declare results for the period ending Dec. 31, 2010, and March 31, 2011," EFSA said in a statement carried by Reuters.
Mahmoud Abdel Kader, a spokesman for EFSA, said companies now had until the end of April to publish their 2010 earnings.
The Bourse closed for more than seven weeks as a popular uprising sent shockwaves through the economy and sparked corruption probes targeting some of its biggest companies.
"This delay to results was requested by companies so that they have more time to prepare their documents. It has nothing to do with political events," said Abdel Kader.
EFSA said all companies listed on the smaller Nilex exchange must publish their financial statements from June 30 last year.
Telecom Egypt's Chief Executive Tarek Tantawy will step down to pursue other career opportunities, the company said.
Chief Technology Officer Mohamed Abdel Rehim Hassanein will become CEO on an interim basis until a permanent replacement for Tantawy is found, Telecom Egypt said in a statement.
Cigarette monopoly Eastern Company posted unaudited nine-month net profit for the period ended March 2011 of LE402 million. The figure compares to LE625.8 million posted for the same period a year earlier.

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