Stock Market / Finance in Egypt
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EGYPT, 2016/02/09
The Egyptian stock market's benchmark index EGX 30 retreated by 1.2 % on Sunday reaching 6,126 points, down from 6,202.
Meanwhile, the secondary indices inched up, with EGX 70 for small and medium enterprises rising by 0.8 % and the broader EGX 100 index by 0.1 %.
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EGYPT, 2016/01/02
Egypt's central bank kept the pound steady at 7.7301 pounds to the dollar at its official foreign currency auction on Thursday, and currency held its weaker rate on the black market as well.
Egypt, which depends on imported food and energy, is facing a dollar shortage and mounting pressure to devalue the pound. The central bank surprised markets at the same time as it strengthened the pound on November 11 by 20 piasters against the dollar.
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EGYPT, 2015/01/05
Egypt was 2014's best destination for stock market investors, producing a total return inclunding dividends and share price rises of additional than 30 % in a year in which the US led equity rallies in developed economies, according to Financial Times.
The MSCI index for Egypt has almost doubled since mid-2013, the paper reported.
Total returns based on MSCI indices were calculated in dollar terms, so the recent collapse of the rouble aggravated the woeful national of the Russian market, where investors suffered a "negative return" - or loss - of minus 42.3 %.
The best performing large developed market was the US, where the total return reached 14.5 % on signs of a broadening and accelerating economic recovery, said Nick Nelson, equity strategist at UBS.
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EGYPT, 2014/11/09
The investors' confidence in the Egyptian economy has improved by 1.8 % during the completed week, said Investment bank Beltone Financial.
In a statement, the bank said that the development in the investors' confidence is attributed to the remarks of the International Monetary Fund, World Bank and United States which praised the Egyptian reforms and starting mega projects in light of the energy deficit problems in the country.
The index of the investors' confidence in the Egyptian economy went up to reach 75.6 points during the week of coverage from 74.3 points a week before, with an increase of 1.3 points.
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EGYPT, 2014/09/01
Egypt’s foreign reserves in August remained close to their July level of $16.736 billion, the country’s central bank governor Hisham Ramez told Reuters on Sunday.
“The foreign reserves are stable at the same level as the month of July almost,” Ramez said over the phone, without giving a new figure.
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EGYPT, 2014/07/10
Seventeen projects have been selected to receive grants to upgrade so-called 'informal areas' in Cairo (Ain Shams, Ezbet El Nasr) and Giza (El Warraq, Masaken Geziret Al Dahab) Governorates in Egypt.
As part of the agreement between the EU Delegation to Egypt and the Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH, the projects are funded by the EU with a budget of almost 1.5 million euros. Their focus, according to the Enpi website (www.enpi-info.eu), lies on issues such as improving employability and vocational skills of the unemployed within the four areas, fostering gain-generating activities, and enhancing the standards and range of services available to the community.
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EGYPT, 2014/01/04
Financial support from Gulf allies, signs of economic recovery and a quieter atmosphere on the streets have helped Egypt’s capital markets make up some lost ground. The country’s key share index hit a three-year high in early November, with the market up 20% on just two months before.
The expectation of continued support from members of the Gulf Cooperation Council (GCC) is buoying investor confidence, to the benefit of Egyptian stocks and broader liquidity, although recent gains cannot disguise Egypt’s broader economic vulnerability.
The EGX30, the benchmark index of the Egyptian Exchange (EGX), reached its highest point since late 2011 in November, as investors responded to the boost to the economy’s stability from aid extended by Gulf nations, and additional positive economic figures. The EGX30 topped 6410 points in mid-November – well above the low of less than 3590 in December 2011, but still down from the all-time high of 7210 points in January of that year, on the eve of the revolution.
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EGYPT, 2013/11/19
Prime Minister, Dr. Hazem El-Beblawi said that the government discusses rescheduling governmental debts with foreign companies.
Beblawi pointed out that the settlement of these debts reaching nearly USD 7 billion encourages these companies to inject fresh investments in Egypt with the price of nearly EGP 15 billion during the next five years.
PM Beblawi stressed that the government is exerting efforts to achieve industrial and commercial evolution through implementing projects that support needs of governorates and provide jobs for youths.
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EGYPT, 2013/11/19
Minister of Finance Ahmed Galal said that Egypt does not need The International Monetary Fund (IMF)'s loan, as Egypt has enough money to achieve the government's goals over the coming period.
Galal added that the policies adopted by the Egyptian government are different from the policies that the IMF said that Egypt should abide by so that it would give Egypt the loan.
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EGYPT, 2013/11/19
Minister of Finance Ahmed Galal said that Egypt does not need The International Monetary Fund (IMF)'s loan, as Egypt has enough money to achieve the government's goals over the coming period.
Galal added that the policies adopted by the Egyptian government are different from the policies that the IMF said that Egypt should abide by so that it would give Egypt the loan.
