Arab Today, arab today egypt stocks plummet on sawiris travel ban
Last Updated : GMT 11:40:47
Arab Today, arab today
Arab Today, arab today

Egypt stocks plummet on Sawiris travel ban

Arab Today, arab today

Arab Today, arab today Egypt stocks plummet on Sawiris travel ban

Cairo - Arabstoday

Egyptian stocks plunged on Monday following news of a travel ban imposed on Onsi Sawiris, founder of Orascom Construction Industries (OCI), and company CEO Nassef Sawiris. The travel ban was imposed following charges of tax evasion related to the sale of an OCI subsidiary to French cement giant Lafarge five years ago. The benchmark EGX30 index fell by 2.3 percent to 5,375 points on Monday, while the broader-based EGX70 index declined by 3.03 percent. Some 150 listed stocks suffered losses, led by heavyweight shares OCI and Commercial International Bank (CIB), shares in which tumbled by 2.74 percent and 2.76 percent resectively. OCI closed at LE252 per share by the end of the day\'s trade session, while shares in the Dutch-listed OCI NV tumbled by 6.26 percent to $34 on the NYSE\'s Euronext exchange. \"The travel ban issued by the prosecutor-general is a huge blow to OCI,\" Issa Fathi, vice president of securities at the Egyptian Chamber of Commerce, told Ahram Online. \"And since OCI is Egypt\'s largest listed company, the move drove the entire market downward.\" Finance Minister El-Morsy Hegazy had earlier lodged the complaint with Egypt\'s prosecution-general, claiming that OCI owed the state some LE14 billion in taxes on profits the company had reaped from the Lafarge deal. \"The whole case just doesn\'t make sense,\" said Fathi. \"The real problem is that the Egyptian Tax Authority failed to demand that OCI pay tax on the Lafarge sale back in 2007, and this was a political decision.\" Total trade volume on Egypt\'s stock exchange stood at a mere LE472 million on Monday, as analysts predicted further economic volatility. \"The travel ban will spook investors in the already-struggling market,\" said Ashraf Abdel-Aziz, head of institutional sales at Cairo-based brokerage Arabeya Online. \"We therefore expect further losses over the rest of the week.\" Foreign investors were net sellers on Monday, offloading a whopping $13 million in shares. Egyptian and Arab investors were net sellers for the day, picking up LE2 million and LE11 million respectively. Real estate stocks continued to stumble, meanwhile, with market giant Talaat Mostafa Group Holding Company (TMGH) shedding by 2.96 percent for the day and luxury developer Palm Hills falling by 6.61 percent. ahram

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*

Arab Today, arab today egypt stocks plummet on sawiris travel ban Arab Today, arab today egypt stocks plummet on sawiris travel ban

 



Arab Today, arab today
Arab Today, arab today Mohamed Bahari prepares new collection for spring 2017

GMT 06:15 2017 Monday ,27 February

Mohamed Bahari prepares new collection for spring 2017
Arab Today, arab today 17.4 million tourists visit UAE in 2016

GMT 00:47 2017 Monday ,27 February

17.4 million tourists visit UAE in 2016
Arab Today, arab today Sheds light on major steps in 12-year career

GMT 06:07 2017 Monday ,27 February

Sheds light on major steps in 12-year career
Arab Today, arab today UN envoy sets out framework

GMT 07:25 2017 Monday ,27 February

UN envoy sets out framework
Arab Today, arab today Ayat Abaza says state TV presented major stars

GMT 03:52 2017 Sunday ,26 February

Ayat Abaza says state TV presented major stars

GMT 06:44 2017 Sunday ,26 February

Doubts grow over American stock market’s surge

GMT 06:26 2017 Sunday ,26 February

Copper recovers lost ground

GMT 15:53 2017 Saturday ,25 February

Bahrain Bourse daily trading report

GMT 14:28 2017 Saturday ,25 February

Gold hits 3.5-month high

GMT 03:11 2017 Saturday ,25 February

50 Tunisian exhibitors at Gulfood 2017, Dubai

GMT 02:19 2017 Saturday ,25 February

SIEL expo, March 1-4

GMT 12:30 2017 Friday ,24 February

Norway's Telenor to leave Indian telecom market
View News in Arabic - Business: أسواق مالية
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Reading therapy relieves mental disorders

GMT 15:39 2017 Friday ,24 February

Reading therapy relieves mental disorders
Arab Today, arab today UK appoints 1st Scotland Yard chief in 188 years

GMT 05:14 2017 Thursday ,23 February

UK appoints 1st Scotland Yard chief in 188 years
Arab Today, arab today Penguins in the age of dinos

GMT 11:44 2017 Saturday ,25 February

Penguins in the age of dinos
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today 'Constructive' Vauxhall talk with union

GMT 08:54 2017 Saturday ,25 February

'Constructive' Vauxhall talk with union
Arab Today, arab today Tesla back into red but revenue grows

GMT 07:27 2017 Thursday ,23 February

Tesla back into red but revenue grows
Arab Today, arab today Reasons for the delay 'On the Stairs of Servants'

GMT 06:42 2017 Saturday ,25 February

Reasons for the delay 'On the Stairs of Servants'
Arab Today, arab today Ex-yoga missionary unleashes rage

GMT 12:16 2017 Thursday ,23 February

Ex-yoga missionary unleashes rage

GMT 07:23 2017 Friday ,24 February

Ola Ghanem hopes to work with M.Ramadan

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby

GMT 18:23 2017 Friday ,24 February

Fadi explains secrets of  Nancy Ajram's newlook

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"

GMT 10:20 2017 Thursday ,23 February

Brazil's top diplomat resigns

GMT 14:04 2017 Friday ,24 February

Messi visit will contribute in tourism

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 22:42 2017 Thursday ,23 February

Nasima Gamei revives heritage in jewelries
Arab Today, arab today
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
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday