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Market Watch: Key Egyptian Equity Indices down, Market Cap up EGP8bn

CAIRO (Capital Markets in Africa) – The Egyptian Exchange (EGX) ended Tuesday’s (18th July 2017) trading session in red, pressured by the selling activity of Arab and foreign investors. The main index EGX30 lost 1.71% or 140.55 points, and closed at the level of 13,717.53 points. The equal-weighted index EGX50 declined by 1.19% to 2,115.55 points. Similarly, EGX70 went down by 1.51% and closed at 669.21 points, while the broader index EGX100 decreased by 1.58%…

Egypt’s EFG HERMES to invest $21.5 mln in asset manager FIM

Posted on by The Editorial Team

CAIRO (Capital Markets in Africa) – EFG Hermes UAE Limited, owned by Egyptian investment bank EFG Hermes, is to invest $21.5 million in Frontier Investment Management Partners LTD (FIM) as part of plans to expand its asset management business, the bank said on Tuesday. FIM is one of the region’s leading asset managers with $1.6 billion of assets under management. Once the deal is completed EFG Hermes will have $4.5 billion of assets under management,…

Market Watch: Egyptian Equity Indices End in Mixed Note, Market Cap up EGP3bn

Posted on by The Editorial Team

Cairo (Capital Markets in Africa) – The Egyptian Exchange (EGX) ended Monday’s (17th July 2017) trading session on a mixed note, as the benchmark index EGX30 rose 1.02%, gaining 140.55 points, and closed at the level of 13,956.32 points. The equal-weighted index EGX50 rose 0.81% to 2,141.02 points. On the other hand, EGX70 declined by 0.75% to the level of 679.46 points, while the broader index EGX100 slipped 0.09% and closed at 1,569.44 points. The…

Market Watch: Egyptian Equity Indices Drops Amidst Local Investor Sell-Off

Posted on by The Editorial Team

Cairo (Capital Markets in Africa) – The Egyptian Exchange’s (EGX) indices dropped collectively at Sunday’s (16th July 2017) close due to selling pressures from local investors. The benchmark EGX30 inched down 0.05% to 13,815.77 points. Sameh Gharib, head of technical research at Roots Stock Brokerage House, said that EGX30 closed at the level of 13,815 points losing 6 points from 13,864 points due to selling pressures, which began Thursday. After passing the level of 13,700…

Egypt Raises Fuel Prices as Government Pushes Painful Overhaul

Posted on by The Editorial Team

CAIRO (Capital Markets in Africa) – Egypt raised fuel prices by as much as 55 percent, as the government pushes ahead with reforms to cut the budget deficit and revive the economy that are also putting pressure on households. The price for a liter of 80 octane gasoline or diesel rose to 3.65 pounds (20 cents) from 2.35 pounds, the cabinet said in a statement on Thursday, while 92 octane fuel increased to 5 pounds…

Egypt Annual Inflation Eases for First Time Since Pound Float

Posted on by The Editorial Team

CAIRO (Capital Markets in Africa) – Egypt’s monthly inflation rate held steady in May, offering new indications that the price surges triggered by last year’s decision to lift foreign exchange restrictions were plateauing as the government pushes ahead with economic reform efforts. The month-on-month urban inflation rate rose 1.7 percent , unchanged from April. The annual rate eased to 29.7 percent from 31.5 percent in April, its first reversal since October, the month before the…

Foreign Holdings of Egypt Debt Reach $7.5 Billion, Official Says

Posted on by The Editorial Team

CAIRO (Capital Markets in Africa) – Foreign investors are lapping up Egypt’s local-currency debt. Overseas holdings of Treasury bills rose by more than 10 percent in a week to 136 billion pounds ($7.5 billion) as of May 30, Samy Khallaf, head of the Finance Ministry’s public debt division, said on Wednesday. That compares with about 10.1 billion pounds at the end of December, central bank data show. Investors have been pouring money into Egyptian debt and…

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