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Staff report:

CAIRO, August 19, 2018 - The Egyptian Exchange (EGX) lost about LE 1.6 billion at the close of Sunday's trading amid sell-offs by local and foreign institutions.

The stocks benchmark index EGX30 went down by 0.15 per cent to close at 15,273.39 points.

The small and medium-size index EGX 70 decreased by 0.31 per cent to close at 738 points.

The broader index EGX 100 also went down by 0.19 per cent to close at 1,896.03 points

Local stocks in the red

Staff report:

CAIRO, August 16, 2018 - Local stocks were in the red on Thursday, affected by turbulences in some emerging markets.

The main index EGX30 fell by 0.4 per cent to stand at 15,295.97 points. The broader indices EGX70 and EGX100 dropped by 0.02 per cent and 0.28 per cent to stand at 740.28 points and 1,899.55 points, respectively, according to bourse data.

Market capitalisation lost LE2.5 billion to stand at LE858 billion.

The Egyptian Stock Exchange is due to be on an official holiday as of Monday until Thursday on the occasion of Eid al-Adha (Feast of Sacrifice).

The Egyptian Stock Exchange launched a new website to meet the needs in the industry of securities sector and to raise financial awareness in the society in a way that contributes to pushing up the number of investors and listed securities with the aim of supporting the government’s initial public offering programme and realising financial inclusion.

Local stocks in the red

CAIRO, August 13, 2018 - Local stocks were in the red on Monday on profit taking by investors.

The main index EGX30 declined by 1.38 per cent to stand at 15,521.52 points. The broader indices fell by 0.67 per cent and 0.77 per cent to stand at 745.73 points and 1,924.81 points, respectively, according to bourse data.

Market capitalisation stood at LE467.477 billion.

Meanwhile, banks with exposure to Turkey contributed to dragging Gulf markets lower on Monday as investors remain concerned about their links to Turkey's currency crisis.

Dubai's largest bank Emirates NBD, which in May agreed to buy Turkey's Denizbank in a $3.2 billion deal, tumbled 3.3 per cent.

The bank said on Sunday it was "closely monitoring" the situation in Turkey but declined to comment on whether it was renegotiating the terms of the deal. Brokerage firm Arqaam Capital said in a research note that the Turkish lira's plunge provided Emirates NBD with "an opportunity to reduce the acquisition price by as much as 27 per cent."

The lira pulled back from an overnight record low on Monday amid a diplomatic and economic spat between the United States and Turkey. Turkey's central bank pledged to provide liquidity and cut lira and foreign currency reserve requirements for Turkish banks.

National Commercial Bank (NCB), Saudi Arabia's largest bank by assets, fell by 2.8 per cent. NCB's exposure to Turkey is estimated by Arqaam Capital as 8 per cent of its assets and 12 per cent of its loans.

The main Saudi index fell by 1.3 per cent.

 

Egypt shares extend gains

Staff report:

CAIRO, August 9, 2018 - Driven by local and Arab buying into blue chips, Egypt's shares extended gains on Thursday. The benchmark index EGX30 added 0.39 per cent to 15,924.06 points.

The EGX70 index slipped 0.07 to 754.06 points. The broader index EGX100 edged up 0.02 per cent to 1,953.73 points.

Volume totaled LE798.5 million (around $44.8million), market data showed. The market capitalisation added LE4.4 billion to LE 885.7 billion.

Locals and Arabs were net buyers of LE32.14million and LE10.2 million respectively. Non-Arab investors were net sellers of LE42.37 million, bourse data showed.

The EGX50 and EGX20 Capped indices added 0.42 and 0.79 per cent to 2,643.44 and 15,871.28 points respectively. Of a total 183 traded stocks Thursday, 93 shares rose, 54 fell and 36 remained unchanged, market data showed.

 

Local stocks in the red

CAIRO, August 6, 2018 - Local stocks were in the red on Monday, driven by sell-offs from local investors and Arab investment funds and institutions.

The main index EGX30 declined by 0.58 per cent to close at 15,645.56 points. The broader indices EGX70 and EGX100 fell by 0.25 per cent and 0.41 per cent to stand at 746.76 points and 1,934.98 points, respectively, according to bourse data.

Market capitalisation lost about LE4.5 billion to stand at LE874.3 billion.

Meanwhile, firm oil prices boosted energy shares in the Abu Dhabi market and financials boosted Kuwaiti stocks on Monday, however the Gulf’s two star performers, Saudi and Qatari stocks, were little changed in the absence of major corporate or economic news.

Abu Dhabi index was up 1.4 per cent, with Abu Dhabi National Energy Co up 1.7 per cent. Dana Gas also rose 0.9 per cent, fueled by higher oil prices.

Oil prices held firm on Monday after Saudi crude production registered a surprising dip in July and as US shale drilling appeared to plateau. Markets also expecting an announcement from Washington later on Monday on renewed US sanctions against major oil exporter Iran.

Kuwait stocks were lifted by buying in banking stocks. National Bank of Kuwait climbed almost 1 per cent and Kuwait Finance House also rose 1 per cent.

HSBC raised the target price for National Bank of Kuwait to 0.93 dinars ($3.07), compared to its previous target price of 0.84 dinars. Shares of National Bank of Kuwait were last trading at 0.83 dinars.

In Riyadh, Bupa Arabia for Cooperative Insurance Co , rose 1.6 per cent, extending gains from a day earlier when it soared 10 per cent after posting a second-quarter earnings.  

Local shares end in green

Staff report:

CAIRO, July 31, 2018 - The Egyptian Exchange (EGX) ended Tuesday's session in green, backed by Arab and foreign purchases.                                                                                   

Market capitalisation gained LE10.79 billion, hitting LE 873.6 billion.

The benchmark EGX30 rose 1.85 per cent to close at 15,580.19 points.

The small and mid-cap index EGX70 increased 0.56 per cent to close at 744.53 points, and the broader index EGX100 ended up 0.74 per cent to close at 1,930.12 points.

Egyptian investors were net sellers, while Arab and foreign investors were net buyers.

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