egypt jumps after new president takes office
Last Updated : GMT 06:49:16
Arab Today, arab today
Arab Today, arab today
Last Updated : GMT 06:49:16
Arab Today, arab today

Egypt jumps after new president takes office

Arab Today, arab today

Arab Today, arab today Egypt jumps after new president takes office

Cairo - Arabstoday

Egypt’s bourse yesterday surged to a five-week high on the first day of trading since the country’s first democratically-elected president took office, while Gulf markets were mixed in muted trade as euphoria from last week’s eurozone debt deal waned. Cairo’s index jumped 5% to close at its highest level since May 24. “It is optimism over the election and about how smoothly the process went over the last few days” said Mohamed Kotb of Naeem Brokerage. “Investors see a president has been elected and are anticipating a new government that finally will deal with the country’s problems, putting the economy as a priority.” Blue-chips jumped, particularly real estate companies, with Palm Hills up 8.9%, Talaat Moustafa gaining 9.8% and Amer Group 7.6% higher. Commercial International Bank advanced 10%. Total equity turnover on the index was around double the typical trading day in June at 752mn Egyptian pounds ($124.2mn), Kotb added. In Saudi Arabia, the index rose 0.6%, up for a second session in the last three since last week’s five-month low, as bargain hunters returned. Small-and mid-caps dominated, with Dar Al Arkan and Emaar Economic City gaining 9.6 and 7.1% respectively. Zain Saudi rose 1.3%. These three stocks accounted for half of all the session’s trading. The real estate index leapt 5.5%. An announcement after trading ended said the cabinet had approved the kingdom’s long-awaited mortgage law. Dubai’s index ticked up 0.1%, but volumes fell to their lowest since January 2 as a summer lull deepened. Market leader Emaar Properties and builder Arabtec gained 1.4 and 0.4% respectively. With second-quarter results expected to bring few surprises, investors are shying away despite signs of a turnaround in Dubai’s beleaguered property sector. Abu Dhabi’s index eased 0.07% to 2,458 points. In Kuwait, the index climbed 0.4%. Emir Sheikh Sabah al-Ahmad al-Sabah accepted the resignation of the government, a move that could help ease a political crisis after a court ruling effectively dissolved parliament. Elsewhere in the Gulf, Oman’s index slipped 0.7% to 5,622 points, while Bahrain’s measure ticked up 0.07% to 1,121 points. from gulf times.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

egypt jumps after new president takes office egypt jumps after new president takes office

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

egypt jumps after new president takes office egypt jumps after new president takes office

 



GMT 10:06 2012 Saturday ,28 July

Querrey advances at ATP LA Open

GMT 21:15 2017 Thursday ,01 June

Trump condemns deadly Kabul explosion

GMT 02:15 2017 Thursday ,24 August

Is your country on the Qatar free entry list of 80?

GMT 19:48 2016 Monday ,03 October

Controversial boxing champ Tyson Fury retires

GMT 08:20 2015 Tuesday ,08 December

PC market woes show no sign of easing

GMT 17:27 2017 Tuesday ,25 April

20 Yemeni soldiers killed, injured in explosion

GMT 11:52 2017 Saturday ,30 December

OIC condemns Mar Mina Church attack

GMT 00:03 2017 Saturday ,25 March

Arab Meeting to Examine Anti-Corruption Methods

GMT 13:12 2017 Thursday ,20 April

Deputy premier meets Arab League chief

GMT 14:13 2014 Friday ,10 January

Opel Astra GTC

GMT 18:27 2016 Tuesday ,02 August

Turkish Foreign Minister arrives in Islamabad

GMT 11:27 2016 Tuesday ,13 December

Saudi woman arrested for challenging social norms
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday