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Qandil to remain in office till upcoming parliament elections

Dr. Yasser Ali, spokesman of the presidency stated that the current government chaired by Prime Minister Hisham Qandil will continue till the upcoming parliamentary elections. In a phone interview with Aljazeera Misr TV channel, Ali added that President Mohamed Mursi showed appreciation for the initiative of Noor Party aimed at resolving the current political strife.

Germany committed to debt swap deal with Egypt – Minister

Minister of Planning and International Cooperation Ashraf El Araby rebutted the news that German government backtracked on a debt swap agreement worth 240 million euro with Egypt, which had been announced by Chancellor Angela Merkel back in 2011. German magazine Der Spiegel had stated some days ago that President Mohamed Mursi failed to convince Merkel of cutting Egypt’s debts to Germany through the swap deal.

EGX indices move sideways on political strife – experts

Yasser El Masry, Vice Chairman of Arab African Securities Brokerage said that indices of The Egyptian Exchange (EGX) are moving sideways during the current period, amid no signs of reaching core solutions to the political crises. Meanwhile, the country’s foreign cash reserves shed $1.4 billion during January to reach $13.6 billion, compared with $15 billion in December. For its part, Mirage Securities said in its technical report that EGX30 continued its fragile upward movement yesterday, as most stocks closed near their lowest levels. It added that the main benchmark will likely test the 5739 level to close below it and to target 5667 mark.

Stock exchange reduce some of their early gains, closed on slightly higher

Egyptian stock indexes ended trading session on Sunday closed on high mass, after reduce some of their gains achieved in early trading.EGX30 rise by 0.18% at 10.52 point up to the level of 5713.45 point. The benchmark of small and medium "EGX 70", about 0.17% equivalent to 0.84 points to reach the level of 483.66 points.EGX100 RISE BY 0.26 % equivalent to 2.1 point to reach the level of 813.22 point.

Egyptian economy attractive, highly trusted by foreigners - expert

Ismail Hassan, former governor of Central Bank of Egypt and Chairman of Misr Iran Development Bank (MIDB), said that global companies are not exposed to any risks in case of acquiring some Egyptian companies or lenders. The top official added that the Egyptian economy is attractive and that foreigners highly trust it.

CBE requests banks to provide FX companies with USD

Central Bank of Egypt (CBE) has obligated a number of local lenders to provide foreign exchange companies with the U.S. dollar, following complaints about shortage in the U.S. currency. Hisham Ramez, who has recently assumed responsibilities at CBE Governor, told heads of these banks two days ago that they should fulfill demands for the dollar. Meanwhile, CBE accepted yesterday bids worth $49.6 million with a cut-off price of 6.7020 Egyptian pounds to the U.S. dollar at a foreign currency auction. The cut-off price at the previous auction, held on Monday, was 6.6920.

Finance Ministry rebuts rumors about tax on bourse trading

Sources at Ministry of Finance denied that the government is planning to impose tax on EGX transactions. They added that Finance Minister confirmed that studies are underway to consider cancelling the tax imposed on initial public offerings (IPO). Rumors circulated yesterday at mid-session about plans to imposed tax on stock market transactions, which led to a drop in main benchmark EGX30 by 1.8%.

Iran’s Ahmedinejad sayed offered loan to Egypt

Iran's President Mahmoud Ahmadinejad, who is currently in Cairo to attend a summit of Organization of Islamic Cooperation (OIC), was reported as saying that his country offered a loan to Egypt, despite the international economic sanctions imposed on Iran due to its nuclear program. In an interview with a local gazette, Ahmadinejad declared that, as said earlier, Iran could offer a huge credit line to Egyptians.

EGX indices rally in early trade; main benchmark touches 5800 mark

Indices of The Egyptian Exchange (EGX) have moved up in today’s early trading, as benchmark index EGX30 touched the 5800 level, then trimmed its gains to reach 5797.25 pts with a rise of 0.84%. Similarly, EGX70 rose 0.43% to reach 483.72 pts, and the broader EGX100 pulled ahead 0.44% to 816.13 pts Yasser El Masry, Vice Chairman of Arab African Securities Brokerage, said earlier today that EGX indices are expected to continued their rally today, amid gains over the last two days. Investors are expected to be calm while shifting financial positions after finalizing the settlement, the expert added. For his part, Ayman Yehia, technical analyst, pointed out that the market targets 5800-5880 area, adding that he prefers partial profit taking near 5850 pts and open more purchase positions when prices go down.

FinMin: Egypt to wrap up review of economic reform next week

Finance Minister Al-Mursi Al-Sayed Hegazy stated today that the government will complete the review of economic reform program next week, adding that an invitation will be sent soon to International Monetary Fund (IMF) to visit Cairo. The government had inked in November an initial deal with IMF team for a credit facility amounting to $4.8 billion. However, the official signing was delayed due to political crises.

EGX indices collectively up in early trading

Indices of The Egyptian Exchange (EGX) have rallied in today’s early session, as main benchmark EGX30 added 0.45% to reach 5719.23 pts. EGX70 also rose 0.49% to reach 481.20 and the broader EGX100 pulled ahead 0.41% to 811.39 pts. Adel Abdel Fattah, Chairman of Egyptian Arabian cmar Securities Brokerage EAC, said that EGX will likely continue its upward movement today. However, he warned that investor caution is expected to persist during this critical period. The current political and economic difficulties worsen investor sentiment and raise more concerns among traders. Thus, weekly trading seems to be the best strategy to make some gains for small investors, the expert added. among traders. Thus, weekly trading seems to be the best strategy to make some gains for small investors, the expert added. Abdel Fattah advised small traders not to scoop up shares, as they may incur losses from adverse conditions that sporadically appear. He also noted that the stock market may not be able to continue the uptrend amid unfavorable conditions, albeit the presence of some positive factors.

EGX seen extending uptrend today – experts

Adel Abdel Fattah, Chairman of Egyptian Arabian cmar Securities Brokerage EAC, said that The Egyptian Exchange (EGX) will likely continue its upward movement today. However, he warned that investor caution is expected to persist during this critical period. The current political and economic difficulties worsen investor sentiment and raise more concerns among traders. Thus, weekly trading seems to be the best strategy to make some gains for small investors, the expert added. Abdel Fattah advised small traders not to scoop up shares, as they may incur losses from adverse conditions that sporadically appear. He also noted that the stock market may not be able to continue the uptrend amid unfavorable conditions, albeit the presence of some positive factors.

C.bank to play unconventional role in coming period – Ramez

Hisham Ramez, the new Governor of Central Bank of Egypt (CBE) stated that the bank will play an unconventional role over the coming period. CBE will join hands with the government to boost local and foreign investments. It will also cooperate with other parties in the economic community, topped by investors federations and chambers of commerce, industry and agriculture to revive the Egyptian economy and allure more overseas investments, Ramez added. In a satellite program, he indicated that the central bank will join hands with all to overcome the current critical economic difficulties. Meanwhile, Egypt is seeking to record 5.5% economic growth in 2014, compared with 2.6% last year. The World Bank expected the North African country to achieve economic growth of 2.6% this year, 3.8% in 2014 and 4.7% in 2015. Ramez assumed his responsibilities today as CBE Governor, in place of Farouk El Okdah who had resigned last month.

C.bank’s new Governor to take office today

Hisham Ramez will assume his responsibilities today as Governor of Central Bank of Egypt (CBE), to replace Farouk El Okdah who spent nine years in this position. The new Governor, whose term will expire in 2015, will start his task amid political and economic unrest that has lingered since the election of President Mohamed Mursi seven months ago. This unrest weighed on exchange market and foreign cash reserves.

US aid to Egypt must continue despite unrest, says John Kerry

Ending US aid to Egypt could contribute to "chaos" in the country, future secretary of state, John Kerry, has warned. President Obama has requested almost $2 billion in aid for Egypt, about 80 per cent of which is for the military, and Congress seems willing to comply, for the time being at least. "A hold up of aid might contribute to the chaos that may ensue because of their collapsing economy...their biggest problem is a collapsing economy,” Kerry told New York-based NBC News. Egypt is strategically important to the United States, especially because President Morsi has continued to support the peace treaty with Israel, and has taken steps to overcome security challenges in the Sinai Peninsula, Kerry explained. Other US senators have also spoken of the importance of continuing US aid to Egypt. During a trip to Egypt in January, veteran Republican senator John McCain said Israel was in favour of continuing the aid, and the US should "listen to the Israelis." However, in November he called on the Obama administration to withhold financial aid from Egypt unless Morsi responded to opposition demands and rescinded a controversial decree that was later reversed. "Egypt's adherence to its obligations under the 1979 peace treaty

EGX seen moving sideways, offsetting earlier losses – experts

Technical analysts expected The Egyptian Exchange (EGX) to move sideways today with an upward bias, to pare some losses incurred in earlier sessions. Mohamed Ashraf confirmed that main benchmark EGX30 will target 6000-6400 area. He advised traders to buy after the index cross the resistance area. EGX ended Wednesday’s trading on a positive note, in spite of the state of uncertainty overshadowing the domestic scene due to political and economic turmoil. Main benchmark EGX30 rose 80.71 points, or 1.47%, to reach 5576.01 pts. Small and mid-cap index EGX70 also added 6.57 pts, or 1.46%, to 457.54 pts. The broader EGX100 pulled ahead 9.63 pts, or 1.25% to reach 780.77 pts.

Radio Germany: Moursi face urgent questions in Berlin on tension in Egypt

German radio Deutsche Welle said , political leaders in Germany have a set of questions to President Mohamed Morsi, who is visiting Berlin now ,during the visit hours Moursi will face urgent questions by the government of Chancellor Angela Merkel want to know plans to non –violence in Egypt. Egyptian President Mohammed Mursi will shorten his visit to Germany because of internal situation in Egypt. But the visit including urgent questions . The Foreign Affairs Committee of the Bundestag Mursi will also answer questions. "We are interested especially his idea of ​​further democracy and rule of law, this question specifically, women's rights and religious freedom,"

EGX indices rally in mid-trade, EGX30 jumps 1.5%

Indices of The Egyptian Exchange (EGX) have leapt till today’s mid-session, as main benchmark EGX30 climbed 81.66 points, or 1.49%, to reach 5576.96 pts. Similarly, small and mid-cap index EGX70 rose 7.61 pts, or 1.69% to 458.58 pts. The broader EGX100 pulled ahead 11.04 pts, or 1.43% to 782.17 pts.

EGX30 dives below 5500 mark, bottoms out to lowest YTD

After nearly ninety minutes of today’s session, indices of The Egyptian Exchange (EGX) have extending their losing streak. Main benchmark EGX30 fell 1.96%, or 109.75 points to 5498.27 pts; its lowest level since January 2, 2013. Likewise, EGX70 dived 1.71%, or 7.8 pts to 448.92 pts. The broader EGX100 pulled back 1.6%, or 12.52 pts to 769.06 pts.Brokers told Mubasher earlier that uncertainty about political conditions weighs on trader sentiment. They added that the market would extend losses amid the current unrest.

El Naggar: Egypt’s 1st Sukuk issue likely in mid-2014

Dr. Ahmed El Naggar, Finance Minister’s advisor for Sukuk, expected the country’s first sovereign Sukuk issue to take place during the fourth quarter of FY13/14. He added that Sukuk will be offered to finance the construction of silos, which will generate high yields and curb the loss in wheat. In a press conference held yesterday, El Naggar said that the remarks of Central Bank of Egypt (CBE) and Al Azhar were approved in the draft Sukuk law that is being reviewed currently by the Cabinet, in preparation of submitting it to Shura Council within two weeks.

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