Arab Today, arab today egypts stocks up despite low turnover
Last Updated : GMT 02:39:03
Arab Today, arab today
Arab Today, arab today

Egypt's stocks up despite low turnover

Arab Today, arab today

Arab Today, arab today Egypt's stocks up despite low turnover

Workers at Egypt's stock exchange market
Cairo - Arab Today

Egypt's indices were on the rise but turnover remained weak on Sunday as investors grappled with the possible consequences of a steep hike in fuel prices introduced over the weekend.
The benchmark EGX30 index rose 0.76 percent to 8,321 points, as daily turnover recorded a modest LE447 million.
"Investors are adopting a wait-and-see approach to the recent economic events, as it is uncertain what effect they will have" Eissa Fathy, vice president of the securities division at Cairo's Chamber of Commerce, told Ahram Online.
The government implemented an up to 78 percent hike in the prices of major state-subsidised fuels on Friday, a day after raising the price of household electricity by up to 67 percent.
Saturday saw scattered protests and scuffles in the capital as well as other parts of the country in reaction to the new prices, which mark the first such changes in an antiquated state-subsidy system which Prime Minister Ibrahim Mehleb said had not been touched in 40 years.
"This is prompting fears of inflation and social unrest among investors, who otherwise see the measure as positive, hence the hesitancy," said Fathy.
Egyptians were net-sellers, for LE7.6 million, while Arab and other foreign investors were net-buyers for LE4.5 million and LE3.1 million, respectively.
Most of EGX30's shares were up, among them real estate share Six of October Development and Investment (SODIC), which rose 3.23 percent to trade at LE35.48.
In the same sector, TMG Holding saw its share price climb 1.16 percent to LE8.72.
Market bellwether Commercial International Bank (CIB) gained 0.99 percent to trade at LE35.6.
EFG-Hermes, on which there has been a tender offer for a 20 percent stake at LE16 a share, saw its share price rise 1.11 percent to LE15.42.
According to traders who spoke to Reuters, the bidders, a consortium led by Egyptian tycoon Naguib Sawiris and Cairo-based Beltone Financial Holding, had received 48 percent of the stake they had sought on Sunday, the last day of the offer.
The broader EGX70 index rose 0.94 percent.

Source: 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 egypts stocks up despite low turnover Arab Today, arab today egypts stocks up despite low turnover

 



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 15:57 2017 Sunday ,26 February

Ooredoo Posts 4 Pct Increase in Net Profit in 2016

GMT 15:41 2017 Sunday ,26 February

Ooredoo Posts 4 Pct Increase in Net Profit in 2016

GMT 14:44 2017 Sunday ,26 February

Muscat shares fall on local selling

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
View News in Arabic - Business: أسواق مالية
Arab Today, arab today
Arab Today, arab today
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 05:14 2017 Thursday ,23 February

UK appoints 1st Scotland Yard chief in 188 years

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 10:51 2017 Saturday ,25 February

Pigs with edited genes show resistance

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 01:04 2017 Tuesday ,28 February

Nokia 3310 is back — and so is 'Snake'

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