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EGX not to apply more precautionary steps on June 30 protests – Omran

Dr. Mohamed Omran, Chairman of the Egyptian Exchange (EGX) said that no more precautionary steps would be imposed on equity trading due to the mass demonstrations planned for June 30. He also ruled out shutting down the market on such a date. The trading session on June 30 will be carried out normally and on time as per applicable mechanisms, Omran told state-owned news agency MENA, adding that the current precautionary procedures are sufficient.

Egypt market not to close on June 30, says regulator’s head

Dr. Ashraf El Sharkawy, Chairman of Egyptian Financial Supervisory Authority (EFSA) said in an interview with Reuters that there is plan to close the Egyptian Exchange (EGX) on June 30 as long as banks operate normally and communications are available. Meanwhile, opposition parties plan to stage mass demonstrations on June 30 in protest against President Mursi’s policies. Egypt’s bourse has incurred massive losses as investors fret about the looming protests. “To halt the market is very easy, but the decision to resume trading after shutdown is difficult,” El Sharkawy added. The Egyptian bourse had been shut replica breitling professional watches down for 38 sessions in 2011 following popular revolt that eventually led to the ousting of President Mohamed Mubarak. Asked about emergency steps to be taken by the bourse and the regulator in case that unrest breaks out on June 30, the top official indicated that there are several actions that could be taken to protect the market. However, he declined to give further details. Commenting on the remarks of MSCI that it may hold consultations over excluding Egypt from its MSCI Emerging Markets Index, El Sharkawy stated that Egypt was not excluded from the index.

Omran will meet

Dr. Mohammed Omran, Chairman of the Stock Exchange, officials Foundation "Morgan Stanley", to clarify some of the points on its report on the existence of the problems facing foreign investors in the money market in Egypt and its impact on the continuity of the inclusion of the Egyptian Stock Exchange index of emerging markets. Omran said, the Central Bank issued a decree on March 17 last year on the re-activation mechanism to ensure conversion of foreign investors for their money to and from the dollar, at any time they want through a fund of foreign investment established by cheap Replica a lange souhne Watches the Central for this purpose.  Omran explained that the mechanism of transfer of foreign investors for their wallets from the dollar to the pound and vice versa to ensure their access to their money in hard currency at any time, according to Morgan Stanley. Omran confirmed that there was no complaint on the part of foreign investors about their money, pointing out that Morgan Stanley has issued outlook on inaccurate information, pointing out that if they reviewed the decisions of the central bank in This particular found that fears not unfounded.

Egypt to sign $4.8 bln loan deal in a few weeks - minister

Amr Darrag, Minister of Planning and International Cooperation said that Egypt will sign in a few weeks a deal to acquire a $4.8 billion loan from the international monetary fund (IMF).

Egypt shares drop to 2-month low on jitters about June 30 protests

Indices of The Egyptian Exchange (EGX) have collectively plummeted on Sunday, weighed by more calls for staging rallies by the political opposition parties by June end in protest against worsening domestic conditions. Main benchmark EGX30 fell 2.87%, or 145.06 points to dive below the 5000 level at 4915.96 pts; its lowest level in more than two months.Small and mid-cap index EGX70 also dropped 4.16%, or 16.99 pts to 391.16 pts; the lowest since June 25, 2012. The broader index EGX100 sagged 3.33%, or 23.32 pts to 676.83 pts.

Egypt bourse may see corrective rebound; EGX30 to test 5100 – experts

The Egyptian Exchange (EGX) is expected to rebound to 5250-5300 area in which there are double resistance; the historic resistance due to previous peaks and the moving resistance that is the 50-day medium-term weighted average, capital market expert Mohamed Gaballah said. He told Mubasher that the rebound should be capitalized through selling only and not buying for short-term investors. The expert also advised medium-term traders to build positions and long-term investors to being to cheap replica baume mercier clifton watches form positions to benefit from investor panic. For his part, Ahmed Ayyad, head of technical analysis at Mubasher indicated that the benchmark index is forecasted to reverse its downtrend till resistance at 5085-5100. However, he forecasted that the index would continue to decline towards support level of 4905 in the medium term.

EGX30 resumes fall, EGX70 hits 2-yr low by mid-trade

Benchmark index EGX30 resumed its downtrend at today’s mid-session, shedding 0.37%, or 18.88 pts to 5053.03 pts. Nearly half an hour after session-start, the index reversed its losses to move to positive territory. EGX70 also fell 1.07%, or 4.4 pts to 408; its lowest level in nearly two years. The broader index EGX100 sagged 0.41%, or 2.86 pts to 699.33 pts.

EGX sheds EGP 8bln, hits 2-month low as Arabs, foreigners dump shares

Indices of The Egyptian Exchange (EGX) slumped on Wednesday amid selling pressures by foreign and Arab traders. Main gauge EGX30 dipped 2.88%, or 150.36 points to reach 5071.91 pts; its lowest level in tow months EGX70 also fell 2.77%, or 1.73 pt to one-year low of 412.4 pts and the broader index EGX100 pulled back 2.66% or 19.22 pts tp 702.19 pts. Market capitalization lost nearly EGP 8 billion to reach EGP 343.249 billion ,from EGP 351.15 billion yesterday .

Sources: the government is preparing for international arbitration in the construction of the Renaissance Dam

A source familiar with the Ministry of Irrigation, the Egyptian government began to set up a legal team, to preserve the rights of Egypt’s water, in coordination with the Sudanese side, by resorting to cheap replica omega speedmaster watches human rights organizations and international arbitration in crisis to build a dam Renaissance, if Ethiopia refusal to negotiate with Egypt to resolve the problem.

U.S. offers to join hands in Suez Canal Corridor development

The U.S. has expressed its willingness to cooperate with Egypt in the Suez Canal Corridor development project through taking part in preparing feasibility studies, designs and projects specifications.

EGX indices open on mixed note; EGX70 sole faller

Indices of The Egyptian Exchange (EGX) have kicked off Tuesday’s session showing mixed performance. Benchmark index EGX30 rise by 0.57% to reach 5335.87 points. Meanwhile, EGX70 shed 0.18% to 433.63 pts. The broader index EGX100 pulled ahead 0.33% to 735.45 pts.

Euro rises to highest level in two weeks against the dollar

Euro rise to its highest level in two weeks against the dollar on Thursday, with the continued decline of the U.S. currency is widely after economic data in the euro zone came in better than expected. stepped up the single currency 0.5 percent to 1.3006 dollars registered the highest level since May 14 with the implementation of purchase orders replica a lange sohne complications stop-loss when its rise above $ 1.30, traders said that hedge funds are the main buyer of the euro. as the euro found support in data released today, showed improved confidence in the euro-zone economy more than expected in May.

Stock exchange continued gains in mid-session of foreigners and Egyptians purchases

Stock indexes continued rise during trading mid-session on Tuesday, supported by purchases by investors Egyptians and foreigners, while tended dealings Arabs towards selling. rose main stock best replica omega classic watches index "EGX 30" by 1.4%, and the index "EGX 20" by 1.2%, as the index of medium-sized and small companies, "EGX 70" by 0.25%, and the index "EGX 100" wider by 0.45%.

Altimo’s unit fails in bid for OTH shares

An offer made by Cypriot Baskindale, a subsidiary of Russia's Altimo to buy out minority shareholders in Orascom Telecom Holding (OTH) failed on Monday because of insufficient by shareholders, Reuters quoted traders as saying. OTH shareholders offered to sell 15.9% of shares listed on the Egyptian Exchange(EGX) , below the minimum 26.6% required for the buyout.

Stock indexes continued decline in mid-session

Egyptian stock indexes continued losses in mid-session, “EGX30” down by 0.47% to reach 5275.46 point.”EGX70” down by 0.82% to reach 440.03 point. ”EGX 100” down by 0.68% to reach 740.41 point.

Kerry says Egypt’s economic reform required to secure IMF loan

U.S. Secretary of State John Kerry urged Egypt to act swiftly on economic reforms to secure a $4.8 billion International Monetary Fund loan. Reuters reported. He said the measure were needed to get further aid from the U.S. congress. According to Reuters, Kerry met Egyptian president Mohamed Morsi for about an hour on the sidelines of an African union summit on Saturday, discussing Syria’s civil war, the Israeli-Palestinian conflict, human rights in Egypt and the country’s faltering economy. That assistance , however, is not seen as contingent on Egyptian economic reform. Egypt has in recent years received about $1.3 billion in military aid from Washington, support that dates back to its signing of a peace treaty with Israel more than 30 years ago.

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