Egypt Independent: Business-Main news http://www.egyptindependent.com//enhome_channel/Economy/rss.xml en Egypt stocks up as foreigners return http://www.egyptindependent.com//node/2466208 <img src="http://www.egyptindependent.com///sites/default/files/imagecache/media_thumbnail/photo/2016/01/31/501010/stock_market.jpg" alt="" title="" class="imagecache imagecache-media_thumbnail" width="152" height="114" /><div>Cairo&#39;s main index jumped 2.3 percent to 6,202 points as foreign buyers returned. Foreign investors, who had mostly been exiting positions since the start of the year, were net buyers on Thursday, bourse data showed.</div><div>&nbsp;</div><div>Technical analysts at Cairo-based Pharos Research said this could be an opportunity to enter the Egyptian market.</div><div>&nbsp;</div><div>&quot;We think that any break above the 7,100 level - which is the resistance line - would be a confirmation of a bullish rally,&quot; they said in a note to clients.</div><div>&nbsp;</div><div>Commercial International Bank, one of the Egyptian stocks preferred by foreign fund managers, surged 4.9 percent.</div> Thu, 04 Feb 2016 15:02:00 +0000 Reuters 2466208 at http://www.egyptindependent.com sites/default/files/photo/2016/01/31/501010/stock_market.jpg Yields on Egypt's 6-month and 1-yr T-bills rise at auction on Thursday http://www.egyptindependent.com//node/2466207 <img src="http://www.egyptindependent.com///sites/default/files/imagecache/media_thumbnail/photo/2015/06/30/484151/central_bank_of_egypt_0.jpg" alt="" title="" class="imagecache imagecache-media_thumbnail" width="152" height="114" /><div>Yields on Egypt&#39;s six-month and one-year treasury bills rose at an auction on Thursday, data from the central bank showed.</div><div>&nbsp;</div><div>The average yield on the 182-day bill rose to 11.832 percent from 11.806 percent at the previous auction a week ago.</div><div>&nbsp;</div><div>The 364-day bill rose slightly to 12.107 percent from 12.089 percent at a similar auction last week.</div> Thu, 04 Feb 2016 14:40:00 +0000 Reuters 2466207 at http://www.egyptindependent.com sites/default/files/photo/2015/06/30/484151/central_bank_of_egypt_0.jpg Egypt blocks entry of another French wheat shipment http://www.egyptindependent.com//node/2466188 <img src="http://www.egyptindependent.com///sites/default/files/imagecache/media_thumbnail/photo/2014/05/12/484151/image.jpg" alt="" title="" class="imagecache imagecache-media_thumbnail" width="152" height="114" /><div>Egypt blocked the entry of a French wheat shipment on Thursday due to a violation of both the Egyptian and the Codex standard specifications, said Agriculture and Land Reclamation Minister Essam Fayed.</div><div>&nbsp;</div><div>Fayed said that the French shipment is the second to be declined for failing to meet specifications since he came to office.</div><div>&nbsp;</div><div>The ministry denied the entry of the shipment because it contained a high percentage of the ergot fungus, in violation of the Egyptian and Codex standard specifications, which only allow 0.05 percent of the ergot fungus in wheat shipments, according to Fayed.</div><div>&nbsp;</div><div>He made the statements on Wednesday on the sidelines of the inauguration of Fruit Logistica, a German fresh-produce trade show held in Berlin.</div><div>&nbsp;</div><div>Egypt denied the entry of another wheat shipment on Monday for the same reason.</div><div>&nbsp;</div><div>Supply and Internal Trade Minister Khaled Hanafi announced in January that Egypt&#39;s strategic reserve of wheat will cover the country&#39;s needs until early May 2016, adding that a recent tender had been contracted for approximately 235,000 tons of Russian, French and Romanian wheat.</div><div>&nbsp;</div><div>The General Authority for Supply Commodities (GASC) imports wheat through global commodity exchanges in accordance with the Egyptian standard specification No. 1601 for the year 2005. This standard complies with the international standards of the Codex No. 199 for the year 1995 and the ISO international standards No.7970 for the year 2000.</div><div>&nbsp;</div><div>Egypt imports wheat from several countries, including France, Russia, Romania, Canada, Argentina, the United States, Canada and the Ukraine.<br /><br /><br /><em>Edited translation from Al-Masry Al-Youm</em></div> Thu, 04 Feb 2016 12:50:00 +0000 Al-Masry Al-Youm 2466188 at http://www.egyptindependent.com sites/default/files/photo/2014/05/12/484151/image.jpg HC securities working on Egypt acquisitions worth more than $600 mn http://www.egyptindependent.com//node/2466183 <img src="http://www.egyptindependent.com///sites/default/files/imagecache/media_thumbnail/photo/2016/02/04/94/hc_securities_logo.png" alt="" title="" class="imagecache imagecache-media_thumbnail" width="152" height="114" /><div>Egypt&#39;s HC Securities is working on acquisitions in Egypt worth more than LE5 billion (US$638.6 million) this year, Chairman Hussein Choucri told Reuters.</div><div>&nbsp;</div><div>&quot;The sellers in the deals taking place in 2016 are Egyptians and the buyers are foreigners and Arabs,&quot; Choucri said.</div><div>&nbsp;</div><div>Choucri also said his HC Securities is advising on an acquisition of a Turkish medical firm by a company in the United Arab Emirates, and hopes the deal would be completed this year.</div> Thu, 04 Feb 2016 12:18:00 +0000 Reuters 2466183 at http://www.egyptindependent.com sites/default/files/photo/2016/02/04/94/hc_securities_logo.png