Egypt's unemployment rate falls in Q2 '25 – CAPMAS    EGP swings vs. USD in early Sunday trade    EGX launches 1st phone app    Egypt achieves record primary budget surplus of EGP 629bn despite sharp fall in Suez Canal revenues    Escalation in Gaza, West Bank as Israeli strikes continue amid mounting international criticism    Egypt recovers collection of ancient artefacts from Netherlands    Resumption of production at El Nasr marks strategic step towards localising automotive industry: El-Shimy    Egypt harvests 315,000 cubic metres of rainwater in Sinai as part of flash flood protection measures    Egypt, UNDP discuss outcomes of joint projects, future environmental cooperation    United Bank achieves EGP 1.51bn net profit in H1 2025, up 26.9% year-on-year    After Putin summit, Trump says peace deal is best way to end Ukraine war    Egypt, Namibia explore closer pharmaceutical cooperation    Jordan condemns Israeli PM remarks on 'Greater Israel'    Renowned Egyptian novelist Sonallah Ibrahim dies at 88    Egypt's FM discusses Gaza, bilateral ties in calls with Saudi, South African counterparts    Egypt prepares to tackle seasonal air pollution in Nile Delta    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    Egypt, Colombia discuss medical support for Palestinians injured in Gaza    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.



Egypt market mixed; profit-taking weighs
Published in The Egyptian Gazette on 31 - 03 - 2010

Egyptian indexes ended mixed on Wednesday, traders said, citing a profit-taking sentiment that hit non-Arab investors.
For the second day in a row, Egypt's main index EGX 30 was in the red, shedding 14.8 points, they added.
The North African country's benchmark index EGX 30 fell by 0.22 per cent, ending the day's trading at 6,806.11 points. The EGX 70 index, which measures 70 of the country's small and mid caps, added 0.61 per cent to 715.2 points.
Volume hit LE1 billion ($182 million), according to the Egyptian Exchange.
Orascom Construction Industries, Egypt's largest builder by market value, was 0.37 per cent down, closing at LE263.9 per share. Orascom Telecom, the largest Arab mobile operator by subscribers, was flat at LE5.6 per share.
Egypt's Sewedy Cables that 2009 net profit dipped more than 23 per cent to LE633.6 million ($115 million), much lower than analyst expectations, according to Reuters.
Revenue was LE9.29 billion, in line with consensus forecasts and lower than the LE11.45 billion recorded in 2008. Profit was LE828.4 million in 2008.
Sewedy said the volume of cable sold rose 30 per cent to 135,415 tonnes while the average price fell 24 per cent.
Meanwhile, world equities were flat on Wednesday, though they were headed for their fourth consecutive quarterly rise, while the dollar hit a three-month high against the yen and Greece's borrowing costs rose on supply plans.
World stocks measured in Morgan Stanley Capital International (MSCI) All-Country World Index were flat, though the benchmark is set to post its best monthly rise since July last year and on track to register a fourth straight quarterly gain.
The 2.7 per cent gain for world stocks in the first quarter of 2010 outpaces a 2 percent rise in emerging market shares for the same period.
In Europe, the FTSEurofirst 300 index advanced 0.2 per cent. The benchmark is up 3.4 per cent this quarter, also on track for the fourth consecutive quarterly rise.
"Markets were rocky at the peak of the Greek crisis, but now volumes have fallen again, the news flow has dried up, there is no catalyst," said Jacques Henry, an analyst at Louis Capital Markets in Paris.
"Unless we get some sort of surprise on the macro data front, like with the payrolls this week, the market might move sideways for a bit."
Tokyo's Nikkei average hit an 18-month intraday high before paring gains to end 0.1 per cent lower. The Japanese blue chip index gained 5.2 per cent in January-March.


Clic here to read the story from its source.