Egypt Independent: Economy-Main news en Egypt stock market loses $2.1 billion on Wednesday as oil prices sink further <img src="" alt="" title="" class="imagecache imagecache-media_thumbnail" width="152" height="114" /><div>The market continued its fall on Wednesday amid the plunge in oil prices, losing more than US$3.8 billion during the two sessions in a row.</div><div>&nbsp;</div><div>The EGX30 index on Wednesday&#39;s session&nbsp;dropping 4.59 percent on to reach 8,124.68 points with loses of LE15.3 billion ($2.1 billion).</div><div>&nbsp;</div><div>Meanwhile, the EGX70 and the EGX100 also closed on a strong negative note, down 4.1 percent and 3.8 percent respectively.</div><div>&nbsp;</div><div>&quot;The EGX30 failed to continue the rebound attempt that took place on Monday&rsquo;s session and dove sharply, breaking the prominent support level 8,750 and 8,600, turning them into resistance as most of the stocks broke down to new lows,&quot; Blom Egypt Securities said.</div><div>&nbsp;</div><div>&quot;The Egyptian stock exchange followed the Arab market&rsquo;s negative performance that was affected by the significant decline in oil prices,&quot; Sigma Securities Brokerage said yesterday in research note.</div><div>&nbsp;</div><div>Brent for January finished down $1.20 at $59.86 in London, after slipping below $60 for the first time since July 2009, according to Reuters.</div><div>&nbsp;</div><div>Foreign and Egyptian institutions closed as net sellers recording net flows of LE37.1 million and LE79.7 million respectively as opposed to Arab institutions that were net buyers recording a net flow LE5.1 million.</div><div>&nbsp;</div><div>On the other hand, Egyptian retail investors were net buyers at LE115.7 million.</div><div>&nbsp;</div> Wed, 17 Dec 2014 14:54:00 +0000 Ibrahim Alsahary 2441467 at sites/default/files/photo/2014/12/17/499612/oil_prices.jpg Minister: Egypt-China trade exchange to reach $11.5 bn by 2015 <img src="" alt="" title="" class="imagecache imagecache-media_thumbnail" width="152" height="114" /><div><span style="font-size: 14px;">Commercial exchange between Egypt and China is expected to stand at US$11.5 billion by the end of 2014, with Beijing becoming Cairo&rsquo;s top trade partner, the Ministry of Trade and Industry said Tuesday.</span></div><div>&nbsp;</div><div>Minister Mounir Fakhry Abdel Nour said his country is coordinating with the China Africa Development Fund, which enjoys more than $30 billion in its capital, for the financing of small and medium-sized enterprises in Egypt. &nbsp;His statements came during a meeting on Tuesday with Egyptian members at the Egyptian Chinese Business Council to discuss preparations for a visit by Egyptian President Abdel Fattah al-Sisi to China next week.</div><div>&nbsp;</div><div>Council member Ahmed al-Sewedy said the council, with its new formation, will work on attracting more Chinese investments to Egypt.</div><div>&nbsp;</div><div>Adel Lamie, another council member, pointed to promising prospects for Egyptian-Chinese cooperation in ship building, citing China&rsquo;s long expertise in the industry. Noting that 20-25 percent of vessels crossing through the Suez Canal are Chinese-made, Lamie said a project could be studied to establish logistic centers serving those ships.</div><div>&nbsp;</div><div>Former Health Minister and Council Member Awad Tag Eddin said it was important to expand mutual cooperation in the fields of medicinal and bio-techonological industries.</div><div>&nbsp;</div><div>&nbsp;</div> Wed, 17 Dec 2014 13:41:00 +0000 Mohamed Mostafa 2441469 at sites/default/files/photo/2014/12/17/94/mounir_fakhry_abdel_nour.jpg UAE's Abraaj asks to raise bid for Bisco Misr to 84.66 pounds per share <img src="" alt="" title="" class="imagecache imagecache-media_thumbnail" width="152" height="114" /><p>The UAE&#39;s Abraaj Investment Management asked Egypt&#39;s financial regulator on Wednesday to approve a revised offer of 84.66 Egyptian pounds per share for Egyptian snackmaker Bisco Misr, topping a rival bid by Kellogg.</p><p>If approved, the fresh bid would beat Kellogg&#39;s offer of 82.2 pounds per share.</p><p>Egypt&#39;s regulator last week extended the period for Abraaj to match Kellogg&#39;s bid to Dec. 24.</p><p>The new bid was announced by Abraaj in a statement on the Egyptian stock exchange.</p> Wed, 17 Dec 2014 12:16:00 +0000 Reuters 2441463 at sites/default/files/photo/2014/11/03/484151/corn_3.jpg CBE : Egyptian banks' credit reach to LE2.4 trillion during July/Sept 2014/15 <img src="" alt="" title="" class="imagecache imagecache-media_thumbnail" width="152" height="114" /><div>Egyptian Banks&#39; credit balances moved up by LE13.4 billion to reach LE2.4 trillion during July/September 2014/2015, the Central Bank of Egypt&rsquo;s (CBE) monthly report showed.</div><div>&nbsp;</div><div>The private business sector accounted for 62.8 percent of total non-government credit balances at the end of September 2014, the report added.</div><div>&nbsp;</div><div>The relative breakdown of non-government credit balances by economic activity at the end of September 2014 ran as follows: 34.5&nbsp;percent for the manufacturing sector, 24.3&nbsp;percent for services, 11.0&nbsp;percent for trade, 1.2&nbsp;percent for agriculture and 29.0&nbsp;percent for the unclassified sectors (including the household).</div><div>&nbsp;</div> Tue, 16 Dec 2014 14:47:00 +0000 Egypt Independent 2441414 at sites/default/files/photo/2014/01/27/484151/2013-03-06t142504z_329992155_gm1e9361q0501_rtrmadp_3_egypt-sukuk.jpg