Egypt Independent: Economy-Main news http://www.egyptindependent.com//enhome_channel/Economy/rss.xml en Egyptian pound steady on official, stronger on black market http://www.egyptindependent.com//node/2447001 <img src="http://www.egyptindependent.com///sites/default/files/imagecache/media_thumbnail/photo/2013/02/13/228/dsc_0208.jpg" alt="" title="" class="imagecache imagecache-media_thumbnail" width="152" height="114" /><p>&nbsp;Egypt&#39;s central bank kept the pound steady at 7.53 pounds to the dollar at a foreign exchange auction on Sunday, and the domestic currency strengthened on the black market.</p><p>The central bank has kept the official exchange rate steady for more than a month after letting the pound weaken in an attempt to wipe out black-market trading.</p><p>The bank said it offered $40 million at auction and sold $38.7 million at a cut-off price of 7.5301 pounds per dollar , unchanged from its last auction on Thursday.</p><p>Black-market traders said volumes have fallen dramatically since the central bank&#39;s move against them and since it imposed a cap in February on the amount of dollars that can be deposited in banks.</p><p>The limit discourages use of the black market because those who exchange dollars outside official channels are deprived of a place to keep their funds.</p><p>One trader said the dollar was selling for 7.62 pounds on the black market on Sunday, stronger than the 7.65 quoted on Thursday.</p><p>The rates at which banks are allowed to trade dollars are determined by the results of official auctions, giving the central bank effective control over exchange rates.&nbsp;</p> Sun, 29 Mar 2015 13:29:00 +0000 Reuters 2447001 at http://www.egyptindependent.com sites/default/files/photo/2013/02/13/228/dsc_0208.jpg Egypt's market gains LE2.3 billion on Sunday, EGX30 inches up 0.12 % http://www.egyptindependent.com//node/2446999 <img src="http://www.egyptindependent.com///sites/default/files/imagecache/media_thumbnail/photo/2015/02/20/499612/cairo_stock.jpg" alt="" title="" class="imagecache imagecache-media_thumbnail" width="152" height="114" /><p>Egypt&#39;s market main index EGX30 inched up by 0.12 percent on Sunday&#39;s session to record 9,062.99 points on a weak turnover of LE219 million, the Egyptian Exchange data showed.<o:p></o:p></p><p>Meanwhile, the broader EGX70 index and the EGX100 index rose by 1.05 percent and 0.63 percent respectively.<o:p></o:p></p><p>Foreign and Arab institutions were net sellers recording net flows of LE12.12million and LE1.33million respectively, while local institutions were net buyers recording net flows of LE2.58million.<o:p></o:p></p><p>EGX market capital lost LE2.29&nbsp;billion (US$303million) to hit LE502.19 billion compared to LE499.90 billion on Turesday.<o:p></o:p></p> Sun, 29 Mar 2015 13:25:00 +0000 Egypt Independent 2446999 at http://www.egyptindependent.com sites/default/files/photo/2015/02/20/499612/cairo_stock.jpg Investors demand Egyptian Exchange chairman’s removal http://www.egyptindependent.com//node/2446977 <img src="http://www.egyptindependent.com///sites/default/files/imagecache/media_thumbnail/photo/2015/03/13/499612/mohamed_omran.jpg" alt="" title="" class="imagecache imagecache-media_thumbnail" width="152" height="114" /><div>A number of investors in the Egyptian stock market protested Sunday outside the Egyptian Exchange building in Downtown Cairo, amid tight security, demanding the removal of its chairman, Mohamed Omran.</div><div>&nbsp;</div><div>The protesters accused Omran of failure to achieve progress with regard to their demands to revoke the tax imposed on stock market capital gains, which they blame for recent market losses. They also accused him of contributing to the fall in indexes since the end of the Egypt Economic Development Conference (EEDC) two weeks ago, which, they said, had not yielded any positive effects for the market.</div><div>&nbsp;</div><div>&nbsp;</div><div><em>Edited translation from Al-Masry Al-Youm</em></div><div>&nbsp;</div> Sun, 29 Mar 2015 11:20:00 +0000 Al-Masry Al-Youm 2446977 at http://www.egyptindependent.com sites/default/files/photo/2015/03/13/499612/mohamed_omran.jpg Egypt's Edita sets share price at 18.50 Egyptian pounds http://www.egyptindependent.com//node/2446898 <img src="http://www.egyptindependent.com///sites/default/files/imagecache/media_thumbnail/photo/2014/06/19/484151/217788_0.jpg" alt="" title="" class="imagecache imagecache-media_thumbnail" width="152" height="114" /><p>Egyptian foodmaker Edita set the price of a secondary share issue on the Cairo bourse at 18.50 Egyptian pounds per share, it said in a statement on Friday.</p><p>The company&#39;s global depository receipts (GDRs) to be issued on the London Stock Exchange will be priced at $12.28 apiece, the statement said.</p><p>The shares offered on the Egyptian stock exchange and the GDRs offered in London together make up an institutional offering which the company said was 13.4 times oversubscribed.</p><p>Subscriptions for a separate domestic offering available only in Egypt will close at the end of the month.</p><p>At the offer price, Edita&#39;s stock market capitalisation was 6.71 billion Egyptian pounds, the company said.</p><p>A flurry of mergers and rights issues have boosted activity on the Cairo exchange, which had struggled to win investor confidence during four years of political and economic turmoil since the Arab Spring uprising.</p><p>Egypt&#39;s government last year launched long-delayed reforms aimed at luring back foreign investors and shoring up growth while cutting a ballooning budget deficit.&nbsp;</p> Fri, 27 Mar 2015 18:11:00 +0000 Reuters 2446898 at http://www.egyptindependent.com sites/default/files/photo/2014/06/19/484151/217788_0.jpg