Arab Today, arab today egypt stocks up 17pct on rising forex reserves
Last Updated : GMT 10:36:23
Arab Today, arab today
Arab Today, arab today

Egypt stocks up 1.7pct on rising forex reserves

Arab Today, arab today

Arab Today, arab today Egypt stocks up 1.7pct on rising forex reserves

Cairo - Arabstoday

EGX30, EGX70 rise by 1.7pct, 2pct respectively on reported increase of Egypt\'s foreign-currency reserves Egypt stocks continued to rebound for the second consecutive day on Tuesday driven by positive news about the country’s rising foreign reserves and an anticipated settlement between the Egyptian Tax Authority and Egypt\'s Orascom Construction Industries (OCI). The benchmark EGX30 index rose by 1.7 per cent for the day to reach 5,567.55 points, even though Egyptian investors were net sellers for the day, offloading some LE30.3 million worth of stock. \"Egyptians feel some uncertainty given the violence that is being reported in Sinai,\" Eissa Fathi, head of securities at the Cairo Chamber of Commerce, told Ahram Online. \"So they took advantage of today\'s market rise to engage in some short-term profit taking, selling what they bought on Monday.\" On Monday, the Central Bank of Egypt stated that Egypt’s foreign currency reserves had increased by $441 million to reach a total of $15.484 billion as of the end of October. The broader EGX70 index, meanwhile, rose by 2 per cent for the day in a session that saw daily turnover stand at LE352.4 million. Foreign investors, for their part, were net buyers on Tuesday, making some of LE49.3 million worth of purchases. Most heavyweight shares saw gains for the day, led by Commercial International Bank and OCI, which rose by 3 and 1.8 per cent respectively. On Monday, Egyptian financial daily Amwal Al-Ghad on Monday reported that OCI and the Egyptian Tax Authority had reached an initial agreement on LE14 billion (some $2.28 billion) worth of unpaid corporate taxes. The agreement, the paper reported, entails forgiving OCI some LE2 billion ($32.6 million) of the taxes owed. Orascom Telecom and Ezz Steel, meanwhile, climbed by 1.4 and 3 per cent respectively. Property shares also rose for the day, led by Palm Hills and Talaat Mostafa Group, shares of which increased in value by 2.3 and 0.2 per cent respectively. SODIC, meanwhile, fell by 0.8 per cent. From ahramonline

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*

Arab Today, arab today egypt stocks up 17pct on rising forex reserves Arab Today, arab today egypt stocks up 17pct on rising forex reserves

 



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 up 17pct on rising forex reserves Arab Today, arab today egypt stocks up 17pct on rising forex reserves

 



Arab Today, arab today Designer prepared new set of ornaments

GMT 02:45 2017 Wednesday ,28 June

Designer prepared new set of ornaments
Arab Today, arab today France defies terrorism through tourism

GMT 15:18 2017 Saturday ,20 May

France defies terrorism through tourism
Arab Today, arab today Mai Al-Jeddawi presents décor ideas for Ramadan
Arab Today, arab today
Arab Today, arab today

GMT 08:23 2017 Saturday ,24 June

Actress Feryal Yussef received new drama offers

GMT 09:49 2017 Tuesday ,02 May

Girl barred from Malaysia chess competition

GMT 08:48 2017 Saturday ,06 May

Climate science: Bad news gets worse

GMT 16:25 2017 Sunday ,04 June

“Suhoor” is basic meal for fasting

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons

GMT 11:09 2017 Sunday ,25 June

HUAWEI P10 the ‘guru’ of portrait shots

GMT 17:59 2017 Monday ,12 June

Designer Rania Adel 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