Arab Today, arab today egypt stocks plunge into red on foreign investment
Last Updated : GMT 12:34:01
Arab Today, arab today
Arab Today, arab today

Egypt stocks plunge into red on foreign investment

Arab Today, arab today

Arab Today, arab today Egypt stocks plunge into red on foreign investment

Cairo - Arabstoday

Egyptian stocks plunged further into the red in the week\'s final trading session hit by uncertainty over the country\'s economic direction and potential difficulties in selling the tough reforms necessary to achieve a long-awaited IMF loan. The benchmark EGX30 tumbled 2.14 per cent to close the week at 5,548 points, its lowest level since mid-September, weighed by sell-offs for all but two heavyweight stocks. \"There is disturbance over the gold-mine ruling and there\'s also a lack of clarity on the IMF loan and financial restructuring [mandated by the Fund]. Investors are still seeing political risk,\" Walaa Hazem, vice president for asset management at HC Securities & Investment, told Ahram Online. On Tuesday, international gold producer Centamin was ordered to halt operations in Egypt after a court declared invalid the firm\'s right to operate the Sukari mine, its only production asset. The move prompted worries it would deter fresh investment and undermine existing contracts between Cairo and private firms. Foreign investors led the sell-offs on Thursday, offloading LE15 million more in stocks than they bought. An IMF delegation arrived in Cairo on Tuesday to restart negotiations for a long-awaited $4.8 billion loan. Previous visits have prompted stock surges, but treasury bill traders quoted by Reuters on Thursday said the government is likely to face huge challenges in selling IMF-approved reforms of subsidies to the Egyptian public. From the 177 stocks traded on Thursday, 148 lost value and just 17 gained -- a performance reflected by the broader-based EGX70 which slipped 1.38 per cent. Turnover was a mild LE530.7 million ($86.9m), around half the level seen at the height of summer following the election of Egypt\'s first post-Mubarak president. Seeing the heaviest trade was the Commercial International Bank, often a weather-vane for foreign interest, which fell a hefty 3.22 per cent. Metal producing giant Ezz Steel wasn\'t far behind, with LE37 million in trade, but tumbling 5.64 per cent. The firm\'s founder and ex-chairman, Ahmed Ezz, is currently standing trial on graft charges related to his acquisition of Ezz Al-Dekhelia, a formerly state-owned enterprise. The head of his defence team -- and onetime Mubarak lawyer -- reportedly resigned from his legal team this week. Property giants were hit hard too, with shares in Palm Hills Development falling 2.9 per cent and the Talaat Moustafa Group plunging 4.9 per cent. Despite a third consecutive session of substantial looses, the main index remains 54 per cent higher than at the start of 2012.   From Ahram Online

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 plunge into red on foreign investment Arab Today, arab today egypt stocks plunge into red on foreign investment

 



Arab Today, arab today
Arab Today, arab today Hats, scarves add beauty to women

GMT 19:10 2017 Friday ,17 February

Hats, scarves add beauty to women
Arab Today, arab today Tourist guide reveals methods of tourist attractions

GMT 17:46 2017 Saturday ,18 February

Tourist guide reveals methods of tourist attractions
Arab Today, arab today To release new antiques collection

GMT 20:33 2017 Friday ,17 February

To release new antiques collection
Arab Today, arab today Air raid kills eight women, child

GMT 06:42 2017 Friday ,17 February

Air raid kills eight women, child
Arab Today, arab today Murder of 2 reporters in Dominican Republic

GMT 22:45 2017 Thursday ,16 February

Murder of 2 reporters in Dominican Republic

GMT 21:28 2017 Thursday ,16 February

US Stocks End High on Tuesday

GMT 21:18 2017 Thursday ,16 February

Chinese Yuan Strengthens to 6.8632 Against USD Wednesday

GMT 09:55 2017 Thursday ,16 February

Robust Omani Riyal exchange rate affirmed

GMT 09:00 2017 Thursday ,16 February

Bahrain Bourse daily trading report

GMT 05:07 2017 Thursday ,16 February

Saudi stocks rise 0.6%

GMT 04:45 2017 Thursday ,16 February

Gold prices edge lower

GMT 22:10 2017 Wednesday ,15 February

China stocks fall, weighed by tech, resource stocks
View News in Arabic - Business: أسواق مالية
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Kidogo provides childcare for underserved

GMT 20:24 2017 Wednesday ,15 February

Kidogo provides childcare for underserved
Arab Today, arab today Tragic fluctuations of Bakhtiari's life revealed

GMT 06:50 2017 Wednesday ,15 February

Tragic fluctuations of Bakhtiari's life revealed
Arab Today, arab today London to tax old cars

GMT 14:06 2017 Friday ,17 February

London to tax old cars
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Competes Sweden and Germans by S90

GMT 22:36 2017 Thursday ,16 February

Competes Sweden and Germans by S90
Arab Today, arab today Porsche reveals new 2018 Panamera

GMT 17:31 2017 Wednesday ,15 February

Porsche reveals new 2018 Panamera
Arab Today, arab today Actress Nadeen Al Rassi views art as her entity

GMT 07:30 2017 Saturday ,18 February

Actress Nadeen Al Rassi views art as her entity
Arab Today, arab today Teach monkeys to recognize themselves in mirror

GMT 20:41 2017 Wednesday ,15 February

Teach monkeys to recognize themselves in mirror

GMT 07:05 2017 Friday ,17 February

Singer Diana Karzon will issue a new album soon

GMT 06:40 2017 Friday ,10 February

MP calls for removing text from Islamic story

GMT 13:16 2017 Tuesday ,14 February

First fashion model with Down syndrome

GMT 10:26 2017 Tuesday ,14 February

Emergency UN meeting in Harare

GMT 14:04 2017 Tuesday ,14 February

"Lagom" new Swedish concept in interior design

GMT 12:07 2017 Thursday ,16 February

Bite-mimicking malaria vaccine

GMT 09:03 2017 Thursday ,16 February

Tour guide praises women’s beaches

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 21:42 2017 Sunday ,12 February

Rania al-Ghazali designs candles of bubbles
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