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EGX indices dive in early trade; main gauge below 5400 pts

Indices of The Egyptian Exchange (EGX) headed south in today’s early trading. Benchmark index EGX30 shed 0.45% to dive below the 5400 mark at 5393.21 pts. Similarly, EGX70 inched down 0.05% to 451.44 pts. The broader index EGX100 went down 0.34% to 758.69 pts.

Sukuk to provide $10bln financing annually – FinMin’s aide

Dr. Ahmed El Naggar, advisor of Finance Minister for Sukuk affairs said today that the government expects the value of investments to be financed through Islamic bonds to be around $10-15 billion annually. In a phone interview with Anadolu Agency, El Naggar added that the first tranche of Sukuk issue will likely be seen next July, especially as the issuance of the executive regulation of Sukuk law will take nearly 45 days.

EGX indices tick lower in early trade

Indices of The Egyptian Exchange (EGX) inched down in today’s early trading. Main gauge EGX30 shed 0.14% to reach 5438.82 points. Similarly, EGX70 went down 0.26% to 454.31 pts. The broader index EGX100 fell 0.17% to 765.05 pts.

Egyptian appeal court cancels Ezz's conviction, jail sentence

Egypt's Court of Cassation has ordered a retrial for notorious business tycoon Ahmed Ezz, who successfully appealed his conviction on charges related to his role in money laundering, illicit profiteering and appropriation of public funds. The court cancelled Ezz’s seven-year prison sentence and LE19.3 billion fine. In October 2012, Ezz was found guilty of laundering LE6.4 billion in illegally acquired funds between 2003 and 2011, in deals related to his acquisition of Ezz El-Dekheila steel plant. Ezz will remain in prison serving sentences for other graft convictions. In December, the Court of Cassation cancelled a 10-year sentence against the steel magnate for graft charges related to the illegal sale of steel licences. Using his companies Ezz Steel and Ezz Industries, Ezz gradually increased his holding of Alexandria National Iron and Steel Company (ANISC), changed its name and became the chairman of the region's largest steel conglomerate. The former chief whip of Hosni Mubarak’s now-defunct National Democratic Party was arrested in the aftermath of Egypt's January 2011 uprising.

QInvest not to renew bid for EFG-Hermes’ shares

An official source at Qatar-based QInvest confirmed that the company will not renew its buy offer for shares of EFG-Hermes Holding after its earlier bid had been rejected by Egyptian Financial Supervisory Authority (EFSA). QInvest has concerns about making a new bid amid the unclear position of the Egyptian government and its ability to decide on any investment deal. Thus, the Qatari company is considering other alternatives, the source noted.

Egypt's president signs Islamic bonds bill into law

Egypt's President Mohamed Morsi has approved a law allowing the state to issue Islamic bonds, the official gazette said Wednesday, ending a troubled passage for a bill the government hopes will help revive its flagging finances. Egypt's upper house of parliament, the Shura Council, which has assumed temporary legislative powers, approved the law last week after amending it to meet recommendations from Al-Azhar, the country's leading Islamic authority. The Islamist-led government hopes the law will allow it to tap billions from the Islamic bond, or sukuk, market and bolster state finances hammered in the two years since an uprising ousted former president Hosni Mubarak. Egypt's official gazette said the law had been approved by Morsi and would go into effect Wednesday. Regulations for using the law would be issued within three months, it added. Lawmakers had approved the law in March, but Al-Azhar objected, saying its top scholars should have been consulted on the law as stated in the new Islamic-leaning constitution. Al-Azhar said this month it had given its approval for the law on condition that certain articles be amended. It is not clear whether the law had been sent to Al-Azhar for approval again or not.

Bourse likely to move sideways; EGX30 to continue upturn upon crossing 5428 – experts

Mohamed Gaballah, head of financial and operating sector at Arab Finance Securities said that The Egyptian Exchange (EGX) is expected to adopt a sideways movement; thus crossing resistance at 5428 and then 5450 pts. These resistance levels would be breached directly, the expert said, adding that they would be accompanied with huge traded volumes. As for short-term investors, the main gauge is targeting 5550-5600 pending higher volumes, he noted. For his part, Ahmed Ayyad, chief technical analyst at Mubasher said that EGX30 is nearing resistance at 5428, and if crossing it, the index will likely target 5500. However, the index may fall to support level at 5360 if it fails to shoot above the 5428 resistance.

Telecom Egypt to test 1st mobile call this week; launch seen in Ramadan – CEO

Landline monopoly Telecom Egypt (TE) is hoping to have a share in the mobile phone market that has maximized over the past years. Relying on a record track in fixed line market, coupled with thousands of workers, TE is gearing up for a foray into the market. CEO Mohamed EL Nawawy pledged that his company will offer a new service in the market that neared saturation level. He also stressed that TE will offer surprising price privileges. In mid December, 2012, National Telecommunications Regulatory Authority (NTRA) had issued a resolution to award an integrated telecommunication license to TE, but did not unveil the license value. Under the new license, telecommunication companies will be able to provide landline, mobile and Internet services. According to the CEO, TE is fully prepared to become an integrated operator, as it has finalized all technical and administrative procedures needed for the mobile service. TE is preparing to test the first mobile call this week, the CEO said, expecting the service to be launched in Ramadan.

EGX indices on mixed note at open; benchmark gauge sole riser

Indices of The Egyptian Exchange (EGX) have opened today’s session on a mixed note. Main benchmark EGX30 rose 0.04% to reach 5374.76 pts. Meanwhile, EGX70 inched down 0.06% to 453.71 pts. The broader index EGX100 also went down 0.02% to 760.82 pts.

Bourse regulator to resume T+0 mechanism May 23

The Egyptian Financial Supervisory Authority (EFSA) announced that the T+0 trading mechanism will be resumed as of Thursday, May 23, 2013. The move is aimed at bringing the market’s operations back to normal levels and generate more liquidity, the regulator added.

EGX to apply stamp tax on transactions effective last Tuesday

President Mohamed Mursi has issued last Monday Law No. 9/2013 as regards amending stamp tax law No. 111/1980, which will be enforced as of last Tuesday, April 30. Accordingly, a stamp tax will be imposed on EGX transactions at 1/1000 to be paid by each of the buyer and seller on all securities purchase and sell transactions, whether these securities are local or foreign inside EGX. The tax will be collected and sent to Egyptian Tax Authority within 15 days after the start of the month following the transaction.

EGX to apply stamp tax on transactions effective last Tuesday

President Mohamed Mursi has issued last Monday Law No. 9/2013 as regards amending stamp tax law No. 111/1980, which will be enforced as of last Tuesday, April 30. Accordingly, a stamp tax will be imposed on EGX transactions at 1/1000 to be paid by each of the buyer and seller on all securities purchase and sell transactions, whether these securities are local or foreign inside EGX. The tax will be collected and sent to Egyptian Tax Authority within 15 days after the start of the month following the transaction.

Finance Minister: No negotiations now with "OCI" on the tax dispute

Egyptian Minister of Finance Mursi Mr. Hijazi said Tuesday that there are no negotiations now with Orascom Construction on tax dispute if it is before the prosecution for investigation.  minister said at a press conference, "No negotiations now with Orascom Construction on the conflict taxation and the subject is now in the hands of the prosecution. When Prosecutors say that tax evasion is over we will be keen on a settlement with the company. ".. And that, according to the Reuters news agency. was OCI sold in 2007, the cement sector to Lafarge French largest cement producer in the world for $ 12 billion and carried out the transaction through the Egyptian Stock Exchange, where all transactions are exempt taxes altogether.  when the prosecution said that tax evasion is finished we will be keen on settlement with the company. “In 2007, OCI established its subsidiary Orascom Building Material Holding (OBMH) to handle the cement line of business, listing it in the stock market in October of the same year. Two months later the company announced a deal with Lafarge to sell the new company for EGP 71bn., where all transactions are exempt taxes altogether. but the Egyptian Tax Authority demanded OCI later to pay taxes

EGX indices shut in red; benchmark gauge below 5200 mark

Indices of The Egyptian Exchange (EGX) ended Monday’s session on a down note. Benchmark index EGX30 fell 0.63%, or 32.75 points to reach 5198.91 pts. Likewise, EGX70 shed 0.03%, or 0.15 pt to 449.66 pts. The broader index EGX100 was down 0.20%, or 1.53 pts to 747.81 pts.

Omran:The integration of Turkey and Egypt stock exchange by the end of September

Dr.Omaran the chairman of the Egyptian stock exchange was scheduled completion of the connection lines between Turkey and Egypt stock exchange end of next September. Egypt stock exchange was signed motion with Istanbul Stock Exchange in June. Omran said in a statement of a press conference held today that there are discussions with the General Authority for Financial Control to check on the procedures for the link between the two exchanges, especially from the legal aspects and the nature of trading on the foreign equity and provide a mechanism to allow trading on the stock of Turkey.   He pointed out that trading will be on the major stock in both markets, explaining that they members of the World Federation of Exchanges, and there is a kind of understanding overcome obstacles linkage between them.  Minister of Investment held a meeting with representatives of the Istanbul Stock Exchange, the figures Economic Forum Arab-Turkish, which was held in Istanbul, Turkey for two days 4 and 5 last April.

EGX opens board nomination for 4-year term

The Egyptian Exchange (EGX) has opened nomination for board membership for the upcoming four-year term starting from July 1, 2013 through June 30, 2017. EGX chief Mohamed Omran told MENA that the board will comprise five members; three representing securities companies and two representing listed companies. The term of the bourse’s current board will expire on June 30, 2013.

EGX likely to move sideways; benchmark gauge may rebound – experts

Mohamed Gaballah, CFO of Arab Finance Securities said that The Egyptian Exchange (EGX) is likely to continue its sideways movement. He added that the upcoming Cabinet reshuffle would be useless if it does not give the economy top priority. Main benchmark EGX30 has reached its strongest support area at 5200-5190 points. Thus, it is expected to reverse its downtrend, but will unlikely cross the 5300 mark, the expert added. He advised investors not to re-enter the market till the measure shoots above the historic resistance level at 5300 points and with a traded value of not less than EGP 400 million. For his part, Ahmed Ayyad, head of technical analysis at Mubasher pointed out that EGX30 slightly retreated on Thursday to shut at 5225 and is expected to rally today to target its daily resistance of 5255 pts.

 

 


U.S. to scrap $260mln aid if Egypt fails to secure IMF loan

William Taylor, US Special Coordinator for Middle East Transitions, ruled out inking a free-trade agreement with Egypt soon, adding that, assuming that the accord is endorsed by the Congress, talks may take five years. Meanwhile, Taylor warned that the U.S. may cancel a $260 million financial backing to Egypt if the North African country fails to sign a loan agreement with International Monetary Fund (IMF).

This financial aid is part of the 450 million pledged by the U.S. government for Egypt. Egypt has already received $190 million.


Property tax to be effective as of July, to include villages

Secretary General of Workers Syndicate at Property Tax Authority (PTA) Mohamed Abbas said that Law No. 102/2012 for property tax that will be implemented as of next July has lifted the ceiling of tax exemption for owned unit whose value amounts to EGP 2 million, if owned by a single person. The leased houses will be liable to property tax, even at villages, he confirmed.

EGX indices open in green; main benchmark up 0.11%

Indices of The Egyptian Exchange (EGX) have rallied in today’s early trading. Benchmark index EGX30 added 0.11%, or 5.70 points to reach 5221.19 pts. Similarly, EGX70 rose 0.15%, or 0.68 pts to 451.78 pts. The broader index EGX100 pulled ahead 0.15%, or 1.12 pts to 747.05 pts.

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