Arab Today, arab today egypt stocks slip further 11
Last Updated : GMT 06:15:24
Arab Today, arab today
Arab Today, arab today

Egypt stocks slip further 1.1%

Arab Today, arab today

Arab Today, arab today Egypt stocks slip further 1.1%

Cairo - Arabstoday

Disputes over country\'s constituent assembly and \'failed\' government take their toll, but reports of a possible merger involving EFG-Hermes limits losses. Egyptian stocks extended their losses Monday amid a showdown between the country\'s ruling military, liberals and the Muslim Brotherhood, further undermining investor confidence already shaken by worrying new financial data. The benchmark EGX30 plunged nearly 2 per cent in the opening half of the session. But positive news for one high-cap helped the index\'s partial recovery, trimming its losses at 4,908 points, a 1.1 per cent drop. \"We\'re seeing a continuation of yesterday\'s political worries,\" said Hesham Halaldeen, head of research sales at Naeem Brokerage. \"The accusations and counter-accusations from SCAF and the Muslim Brotherhood are adding to heightened tensions.\" The Brotherhood\'s Freedom and Justice Party (FJP) late last week called for the dissolution of Kamal El-Ganzouri\'s military-appointed government, saying it had \"failed in fulfilling its duties.\" On Saturday, the group suggested the military\'s aim was to \"abort the revolution or to orchestrate upcoming presidential elections.\" Egypt\'s de facto leader, Field Marshall Mohamed Hussein Tantawi, weighed in on Sunday evening with a written statement dismissing the Islamists\' claim as \"baseless slander\". Egypt\'s liberals also confronted the Brotherhood on Monday, when they quit a 100-person body tasked with writing a new constitution in protest at what they said were Islamist attempts to control the process. There was troubling news, too, from the central bank, which announced on Sunday that Egypt\'s balance of payments had swung into a $8 billion deficit in the last half of 2011 from a $571.1 million surplus the year before. From the day\'s 177 listed stocks, 30 gained in value and 133 declined, with financial services the only sector to see an overall gain. The broader EGX70 lost a yet-greater 1.7 per cent. The financial sector was bolstered by the performance of a single, high-cap stock -- that of investment bank EFG-Hermes which saw its value rocket after announcing it is in talks with QInvest, a Qatar-based Islamic investment bank, to tie-up their securities brokerage, asset management and investment banking operations. EFG-Hermes finished up 5 per cent at LE14.06 per share. Making up more than a tenth of the total market, its rise in the second half of the session helped the main index avoid greater losses. \"This was directly related to the news. For [EFG-Hermes], the most important part is that it gives them access to Qatar money,\" said Halaldeen. There was little cheer for the rest of the EGX30. Major stocks such as Orascom Construction Industries, Telecom Egypt and Commercial International Bank lost 1.23, 3.42 and 2.41 per cent respectively. Total turnover was LE388.7 million ($64.4 million), a slight improvement on Sunday but still just half of the market average of just a few weeks ago. \"Decent turnover is normally over $100 million which is the probably the break-even level for brokers,\" said Halaldeen. Non-Arab investors made up a limited 20 per cent of Monday trade, but reversed their recent behaviour to buy a net LE20.04 million of stocks. Egyptian individuals, who were the main driver of last week\'s losses, switched course and net-sold an almost equal amount. From: Ahram online

arabstoday
arabstoday

GMT 16:08 2017 Saturday ,14 October

US stocks rise on strong retail sales; Europe mixed

GMT 04:42 2017 Saturday ,14 October

Egyptian Bourse gains EGP 2.6 bn

GMT 04:32 2017 Saturday ,14 October

US stocks rise on strong retail sales; Europe mixed

GMT 20:52 2017 Thursday ,12 October

Egyptian Bourse loses EGP 3 bn

GMT 13:12 2017 Thursday ,12 October

Bahrain Bourse daily performance

GMT 11:06 2017 Thursday ,12 October

Wall Street ends at fresh records; Spanish stocks gain

GMT 21:13 2017 Wednesday ,11 October

Bahrain Bourse daily trading report (update)
Arab Today, arab today
Arab Today, arab today

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 slip further 11 Arab Today, arab today egypt stocks slip further 11

 



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 slip further 11 Arab Today, arab today egypt stocks slip further 11

 



Arab Today, arab today
Arab Today, arab today Youssra depended on colored foam

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today Airbus CEO says won't cling to job

GMT 06:52 2017 Monday ,16 October

Airbus CEO says won't cling to job
Arab Today, arab today Etiquette expert underlines importance of gifts

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts
Arab Today, arab today Israeli court convicts Palestinians of 2016

GMT 04:39 2017 Tuesday ,17 October

Israeli court convicts Palestinians of 2016
Arab Today, arab today Iran's Facebook shuts down

GMT 23:50 2017 Monday ,16 October

Iran's Facebook shuts down
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Sidem reveals plan to improve education

GMT 15:52 2017 Friday ,06 October

Sidem reveals plan to improve education
Arab Today, arab today British actress becomes fifth woman

GMT 18:15 2017 Monday ,16 October

British actress becomes fifth woman
Arab Today, arab today Three killed, 360,000 without power

GMT 05:11 2017 Tuesday ,17 October

Three killed, 360,000 without power
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Britain's Vauxhall to cut 400 jobs

GMT 10:53 2017 Sunday ,15 October

Britain's Vauxhall to cut 400 jobs
Arab Today, arab today Norway seeks 'Tesla tax' on electric cars

GMT 08:17 2017 Friday ,13 October

Norway seeks 'Tesla tax' on electric cars
Arab Today, arab today Safaa Sultan happy for “Love School”

GMT 10:55 2017 Thursday ,12 October

Safaa Sultan happy for “Love School”
Arab Today, arab today India to close colonial-era military farms

GMT 18:49 2017 Monday ,16 October

India to close colonial-era military farms

GMT 10:19 2017 Wednesday ,11 October

Bosy reveals behind her participation in festival

GMT 10:37 2017 Thursday ,12 October

Cara Delevingne accuses Weinstein

GMT 16:53 2017 Saturday ,02 September

Mai importance of gifts during Eid Al-Adha

GMT 12:02 2017 Saturday ,14 October

Conservation cutbacks put Brazil's

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 12:25 2017 Saturday ,14 October

Squeeze on UK health gives advanced

GMT 07:16 2017 Friday ,13 October

Lufthansa to swallow lion's share

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 03:59 2017 Sunday ,15 October

US mobile carriers Sprint, T-Mobile to merge

GMT 11:37 2017 Saturday ,12 August

Fashion designer reveals her new collection
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