Log in

Register




Staff report:

CAIRO, July 16, 2018 – The local stock exchange ended Monday in the red driven by sell-offs by foreigners.

The bourse's main index EGX30 fell by 1.18 per cent to 15,655.89 points. The small and mid cap EGX70 shed 7.48 points or 0.97 per cent to close at 762.28 points., while the broader index EGX100 lost 1.2 per cent to close at 1,956.91.

Market capitalisation lost about LE7.6b to close at LE878.2b amid transactions that hit LE799.3b.

In the United Arab Emirates, The Dubai Financial Market General Index (DFMGI) gained 0.67 per cent or 19.30 points to close at 2,919.46 points, meanwhile Abu Dhabi index gained 1.08 per cent or 50.89 points to close at 4,747.09 points.

In Saudi Arabia, TASI index gained 85.66 points or 1.02 per cent to close at 8,490.75 points.

The Bahrain BSEX index gained 0.60 per cent or 8.03 per cent to close at 1,351.87. Meanwhile, the Omani MSM30 index lost 0.18 per cent or 8.0 points to close at 4,448.77 points.

CAIRO, July 10, 2018 - The Egyptian Exchange (EGX) indexes posted collective gains at the end of Tuesday's session, backed by purchases by institutions and local investment funds while the Arab and foreign investors favoured sell-off.

The market capital gained about LE6.5 billion to reach LE887.5 billion amid transactions exceeding LE1.4 billion.

The EGX30 benchmark index went up by 0.86 per cent to close at 15,921.03 points.The small and medium cap index EGX 70 increased by 0.54 per cent to 779.63 points, while the broader index EGX100 was up by 0.81 per cent to close at 1,993.33.

LONDON/ WASHINGTON, July 6, 2018 (News Wires) - Global stock markets wobbled Friday as China and the United States fired the first shots in a trade war that pits the world's two biggest economies against each other.

The euro rose against the dollar, while oil prices fell.

US President Donald Trump on Friday rolled out tariffs on $34 billion of Chinese goods in what Beijing called the "largest trade war" in economic history.

China added it had already imposed retaliatory measures on US goods without immediately providing precise details.

"By imposing tariffs on $34bn worth of US imports from China today and eliciting an immediate like-for-like response from China, US President Donald Trump is bringing the world close to a genuine trade war," said Holger Schmieding, chief economist at Berenberg.

European stocks drifted lower in the afternoon, having opened mixed, while Wall Street, too, came off to a weaker start, shrugging off a solid US jobs report.

Earlier, Asian markets saw some gains as investors went bargain-hunting, dealers reported.

Tokyo stocks led the gains in Asia, closing 1.1 percent higher, with markets in Shanghai and Hong Kong up by around half a percentage point.

Li Daxiao, analyst at Yingda Securities, said news of the tariffs had already been priced in.

"After the US tariffs announcement, the negative news finally came out and has already been digested over recent weeks. Therefore investors are not in as much of a panic as before, and the market sentiment will reverse," said Li.

Stanley Chik, from Bright Smart Securities International in Hong Kong, said that "the impact of tariffs on economic growth appears limited for now, giving the market a breathing spell."

But these could be just the first skirmishes in a long war, with financial markets worried about a knock-on effect on the wider global economy and the broader trading system.

Trump has threatened to impose tariffs on some $450 billion of Chinese goods -- virtually all of China's exports to the US -- as he seeks to advance his "America First" protectionist agenda.

Beijing has accused the US of "firing on the whole world" with the measures, pointing out that most of the Chinese goods under attack are made by companies with large foreign investment -- including American.

CAIRO, May 28, 2018 - Local stocks were mostly in the green on Monday, driven by local and non-Arab institutional purchases and Arab sell-offs.

The main index, EGX30, edged up by 0.86 percent to close at LE16, 791.09 points. The broader indices EGX70 and EGX100 also increased by 0.04 percent and 0.02 percent to stand at 853.48 points and 2,178.22 points, respectively, according to bourse data.

Market capitalisation gained about LE1.1 billion to stand at LE949.5 billion.

Also during yesterday's trading session, real estate company Talaat Mostafa Group Holding rose 3.3 per cent after it said it had entered into a strategic partnership with EFG Hermes and GEMS Education to acquire schools with an investment of LE1 billion ($56 million).

Meanwhile, Qatar’s market outperformed Gulf peers on Monday, helped by a surge in blue-chip stocks and government plans to allow full foreign ownership of companies.

Other markets were more subdued as investors reacted to lower oil prices, which extended losses after Saudi Arabia and Russia said they may increase supplies. Trading volumes were also generally thin because of the holy month of Ramadan.

The Qatar index closed 1.5 per cent higher, with Qatar National Bank rising 2.9 per cent.

Saudi’s main stock index dropped by 0.1 per cent. Jabal Omar Development slipped by 3.3 percent, while Banque Saudi Fransi sank by 2.4 per cent.

Al Andalus Property Co dropped by the daily limit amount of 10.0 per cent after the stock went ex-dividend.

The Abu Dhabi index was up 0.2 per cent, helped by a 1.9 per cent rise in Dana Gas after it said it had received $40 million in payments from the Egyptian government.

Dana said it will use the cash to proceed with projects such as drilling Balsam-8 in its development lease onshore the Nile Delta.

In Dubai, DP World rose 3.0 per cent after the ports operator said it closed a deal to acquire Cosmos Agencia Marítima in Peru. DP World had announced the $315.7 million acquisition of the logistics service business in March.

Dubai’s index closed 0.07 percent lower, with Union Properties the main drag, falling 1.9 per cent.

CAIRO, May 20, 2018 - The Egyptian Exchange closed mixed on Sunday, driven by  sell-off by foreign institutions and investment funds and purchases by Arab investors.

The EGX 30 benchmark index went down 0.57 per cent to close at 16,782.07 points.

The small and medium-cap index EGX 70 rose by 0.17 per cent to close at 853.67 points.

The broader EGX 100 index increased by 0.08 per cent to close at 2,183.25 points.

The market capitalisation lost EGP1.9 billion to reach LE946.4 billion, amid transactions that hit about EGP559.3 million.

LONDON, May 18, 2018 (News Wires) - Calm returned to world markets on Friday after a rollercoaster week that has seen oil break $80 a barrel, government borrowing costs jump and emerging markets battered by a pumped-up dollar.

European stocks were 0.3 per cent lower, but with the euro near a 5-month low following the dollar’s surge and oil shares gleeful about its rapid rise, the region was heading for an eighth straight week of gains.

Slowing Japanese core consumer price growth that kept the Bank of Japan’s elusive 2 percent target well out of reach saw the dollar hit a four-month high of 111 yen though it stalled had elsewhere.

Italian government bonds continued their struggles too. They have seen their biggest sell-off in over a year this week over plans being floated by a proposed new anti-establishment coalition government.

One policy includes issuing more short-term debt to pay companies owed money by the state, the economics chief of the one of the coalition parties, the far-right League, said on Friday.

“We don’t have an agreement on a government at this point, but the market remains worried,” Societe Generale strategist Alvin Tan said, pointing to this week’s fall in euro against the traditionally-safe Swiss franc.

The dollar index against a basket of six major currencies steadied at 93.471 having risen to a five-month peak of 93.632.

The index has gained about 1 per cent this week, buoyed by the surge in US Treasury yields, with the 10-year US Treasury note yield scoring a seven-year peak of 3.128 per cent.

Euro traders nudged the shared currency back above $1.1805, but it has fallen nearly 1.2 per cent this week, largely pressured by the Italian uncertainty.

It is also heading for its fifth successive weekly drop versus the dollar, which would be a first for the shared currency since 2015.

Elsewhere the two other macro spotlights were the hot oil markets after Brent crude broke up through $80 a barrel on Thursday, and the strain on emerging economy currencies.

Page 1 of 5