Egypt | - Part 44

Egypt could raise up to $2 bln in Eurobond issue

LONDON (Reuters) – Egypt could raise as much as $2 billion through a Eurobond this year and expects economic growth of close to 7 percent in three years’ time, Finance Minister Hany Kadry Dimian said on Friday. The Arab world’s most populous country is in the process of rebuilding its battered finances after the uprising that toppled Hosni Mubarak four years ago hit the country’s economy, discouraging investors and tourists, and slashing growth. “I am…

African Market Watch: Thurs, 26th February 2015

Posted on by The Editorial Team

Egypt: Egyptian stocks fell to the lowest level in more than five weeks on the back of intensive profit taking operations. The benchmark index EGX30 lost 1.43% to close at 9334pts. The index resumed its sharp decline for the second session in row to hit its lowest level since the middle of last January. The EGX70, which measures small and mid-cap stocks, went down 0.88% to close at 558pts and the broader index lost 0.86% at…

African Market Watch: Wed, 25th February 2015

Posted on by The Editorial Team

Egypt: The Egyptian Exchange (EGX) indices have plummeted on Wednesday, as the market capitalization lost around EGP6.4bn. Today, EGX indices have pulled down on the back of strong selling pressures from both local institutions and Arab retail traders. The benchmark EGX30 has slipped 1.48% or 142 pts to 9469.08pts. The benchmark has major support zone at level of 9433 pts on the short-term and upon crossing it the index will re-test levels of 9780 and…

African Market Watch: Tuesday, 24th February 2015

Posted on by The Editorial Team

Egypt: The Egyptian Exchange (EGX) indices have closed on mixed note today, as the market capitalization added EGP71mn amid lack of new economic catalysts. Today’s trades came to approve that resistance level of 9675 pts is considered a strong barrier, as the benchmark halted in breaking above it for the second session in row. The benchmark EGX30 (30 well-capitalised companies) inched up 0.11% to close at 9,611.66pts. The EGX70, which measures small and mid-cap stocks,…

African Market Watch: Monday, 23rd February 2015

Posted on by The Editorial Team

Egypt: The Egyptian stock market closed on positive note, with the EGX 20 capped index, EGX 30 index and increased by 1.02%, 1.12% and 0.18% respectively. Today’s top gainer today is Egyptian Company for Mobile Service, rising 10.0% to close at LE 178.93 and the top loser is Egyptian International Pharmaceutic which shaved off 8.57 percent to close at LE 78. Foreign buys and sales stood at 11.2% and 9.9% respectively of total turnover (LE 505.03…

Egypt: Steadfast Reforms Key for Economic Stability, Jobs, Growth

Posted on by The Editorial Team

Following four years of political uncertainty and economic slowdown, Egypt has chosen a path of adjustment and reform which, if followed resolutely, will lead to economic stability and growth, the IMF said in its first comprehensive assessment of the North African nation’s economy since 2010. Speaking to the IMF Survey, IMF Mission Chief for Egypt, Christopher Jarvis, noted that Egypt faces a challenge. On the one hand, it needs to put its fiscal and external accounts…

IMF’s 2015 growth forecast for Egypt, Algeria and Sudan

Posted on by The Editorial Team

Egypt’s Fiscal deficit to narrow to 11% of GDP in current fiscal yearThe International Monetary Fund projected Egypt’s real GDP growth rate at 3.8% in the fiscal year that ends in June 2015 and at 4.3% in FY2015/16, up from 2.2% in FY2013/14. It forecast Egypt’s annual average inflation rate at 9.7% in FY2014/15 and 9.9% in FY2015/16, down from 10.1% in FY2013/14. Further, it expected the growth of broad money at 16.7% in the…

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