Egypt Independent: Business-Main news http://www.egyptindependent.com//enhome_channel/Economy/rss.xml en Egypt's market gains LE12.7 bn in week, EGX30 index jumps 3.1% http://www.egyptindependent.com//node/2457021 <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>Egypt&#39;s stock market has witnessed wins of LE12.69 billion (US$1.6 billion) this week, as all indexes dropped, Egyptian Exchange data showed.<u1:p></u1:p><o:p></o:p><u2:p></u2:p><u3:p></u3:p></p><p>The main EGX30 index, small and mid-cap EGX70 index and the broader EGX100 index rose 3.07 percent, 2.01 percent and 2.59 percent, respectively.<u1:p></u1:p><o:p></o:p><u2:p></u2:p><u3:p></u3:p></p><p>EGX market capital gained LE12.69 billion, to hit LE450.38 billion, compared to LE437.69 billion last week.<o:p></o:p></p> Fri, 04 Sep 2015 10:23:00 +0000 Egypt Independent 2457021 at http://www.egyptindependent.com sites/default/files/photo/2014/06/19/484151/217788_0.jpg Egypt's market gains LE5.6 bn on Thursday, EGX30 jumps 2.03 % http://www.egyptindependent.com//node/2456997 <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 jumped as global backdrop improves on Thursday&#39;s session, according to Reuters.<o:p></o:p></p><p>The benchmark EGX30 index jumped 2.03 percent, to 7,295.96 with a turnover of LE442 million, the Egyptian Exchange data showed.<o:p></o:p></p><p>Meanwhile, the small and mid-cap EGX70 index and the broader EGX100 index rose 1.79 percent and 1.39 percent, respectively.<o:p></o:p></p><p>Local and foreign institutions were net sellers recording net flows of LE15.7 million and LE6.1 million respectively, while Arab institutions were net buyers recording net flows of LE 17.7 million.<o:p></o:p></p><p>The EGX market gained LE5.62 million (US$155 million), hitting LE450.38 billion, compared to LE444.76 billion on Wednesday.&nbsp;<o:p></o:p></p> Thu, 03 Sep 2015 17:28:00 +0000 Egypt Independent 2456997 at http://www.egyptindependent.com sites/default/files/photo/2015/02/20/499612/cairo_stock.jpg Egyptian pound steady at dollar sale, exchange bureaux http://www.egyptindependent.com//node/2456996 <img src="http://www.egyptindependent.com///sites/default/files/imagecache/media_thumbnail/photo/2014/12/01/499612/dollar_vs_egyptian_pound.jpg" alt="" title="" class="imagecache imagecache-media_thumbnail" width="152" height="114" /><p>&nbsp;Egypt&#39;s central bank kept the pound steady at a dollar sale on Thursday, selling $37.8 million at a cut-off price of LE7.7301 per dollar, unchanged from Tuesday.</p><p>The central bank had kept the pound at 7.5301 for five months until July, when it allowed it to slide to 7.6301. On July 5 the bank let it slip a further LE0.10.</p><p>Allowing the pound to weaken in a controlled way could boost exports and attract further investment but it also raises Egypt&#39;s already large bill for imported fuel and food staples.</p><p>Egypt has sought to tame a once-thriving currency black market with measures such as a cap on dollar-denominated bank deposits.</p><p>The central bank gave permission in January to trade dollars up to LE0.10 above or below the official rate, with currency exchange bureaux allowed to trade at 0.15 pounds above or bellow the official rate.</p><p>One trader at an exchange bureau said the pound was changing hands at LE8.02 per dollar and another trader said it was changing at LE8.03 per dollar, little changed from Tuesday&#39;s rates.</p><p>(Reporting by Asma Alsharif; Editing by David Goodman)</p> Thu, 03 Sep 2015 17:05:00 +0000 Reuters 2456996 at http://www.egyptindependent.com sites/default/files/photo/2014/12/01/499612/dollar_vs_egyptian_pound.jpg MIDEAST STOCKS: Saudi, Egypt rise alongside global markets as oil steadies http://www.egyptindependent.com//node/2456976 <img src="http://www.egyptindependent.com///sites/default/files/imagecache/media_thumbnail/photo/2015/01/06/499612/gulf_stocks.jpg" alt="" title="" class="imagecache imagecache-media_thumbnail" width="152" height="114" /><p>&nbsp;Stock markets in Saudi Arabia and Egypt rose in early trade on Thursday, tracking global bourses as oil prices, which had moved Middle Eastern equities earlier in the week, were relatively stable.</p><p>The main Saudi equity index gained 0.7 percent with most stocks positive. The banking sector, up just as much, was one of the main supports.</p><p>National Commercial Bank, the kingdom&#39;s largest lender, jumped 2.0 percent and Al Rajhi, another large bank, was up 0.7 percent.</p><p>Growth in Saudi Arabia&#39;s non-oil private sector rose to a five-month high in August, buoyed by the impact of increasing oil production, a survey of businesses showed on Thursday.</p><p>Egypt&#39;s main stock index climbed 1.2 percent after the country&#39;s own purchasing managers&#39; survey showed activity grew in August at the fastest pace of 2015 on the back of solid growth in output.</p><p>&quot;This ... could be the first sign that the (Egyptian) economy has turned the corner after a weak first half of 2015,&quot; Jason Tuvey, the Middle East economist at Capital Economics in London, said in a note.</p><p>&quot;This, coupled with July&#39;s sharp drop in the headline rate of inflation, supports our view that the central bank will cut interest rates, possibly as soon as its next meeting later this month.&quot;</p><p>(Reporting by Olzhas Auyezov; Editing by Andrew Torchia and Catherine Evans)</p> Thu, 03 Sep 2015 09:35:00 +0000 Reuters 2456976 at http://www.egyptindependent.com sites/default/files/photo/2015/01/06/499612/gulf_stocks.jpg