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Egypt stocks seen weighed by calls for civil disobedience; EGX30 targets 5500 mark

Ahmed Abdel Hamid, Managing Director for Branches at Watheeqa Securities Brokerage said that The Egyptian Exchange (EGX) is expected to extend last sessions’ performance today, amid calls for civil disobedience that began in Port Said and spilled over into other Suez Canal cities. Foreigners tend towards buying because they are allured by low prices. However, this should not be considered as an indicator for investment attractiveness, as the political and economic conditions continue to be blurry, the expert pointed out He said that an uptrend in the local bourse is contingent upon calmness at the political and economic levels. For his part, Ahmed Ayyad, head of technical analysis at Mubasher stated that main benchmark EGX30 is forecasted to target the next support at 5500 points.

Stabilizing below 5667 pts reflects EGX30's continued downtrend – analyst

Akram El Masry, Managing Director of Swiss Group Securities, said the Egyptian Exchange (EGX) indices will likely extend downtrend on the back of current political wrangling and turmoil. Investors' profit-taking is attributed to reduce financial positions till conditions stabilize, he said, indicating that the deteriorating economy is further hurt by current calls for civil disobedience and sit-ins. Ahmed Hassan, technical analyst Al Amalka Stock Dealing, said that EGX30 dropped yesterday below 5667 points which indicates witnessing further declines over the coming period.

EGX indices collectively down at open

Indices of The Egyptian Exchange (EGX) have kicked off the day in red, as main benchmark EGX30 inched down 0.07%, or 4.23 points to reach 5686.55 pts. EGX70 also shed 0.13%, or 0.63 pt to 487.34 pts. The broader EGX100 was down 0.17%, or 1.40 pts to 820.63 pts. Capital market experts told Mubasher earlier today that indices are expected to move sideways with an upward bias today to extend its downtrend, amid lack of catalysts. The deal of Orascom Construction Industries (OCI) lost its allure and effect on the market, the experts added, noting that the market is weighed by political events. Mahmoud Emaduddin, an expert, said that investors are anticipating for developments at the political arena. He forecasted main benchmark EGX30 to move between 5500-5700 points. For his part, Ahmed Hassan, technical analyst, pointed out that the 5900 mark is a strong resistance, adding that the index may head for 6100-6400 if its manages to cross such resistance.

Suez Canal vessel traffic declines

Declines seen in Suez Canal vessel transit and tonnage in January. The number of vessels that passed through Egypt’s Suez Canal in January declined by almost 16 per cent compared with January last year, MEED reported. There was also a 12 per cent decrease in cargo traffic and a 10.4 per cent decrease in net tonnage. This decline saw revenue from the canal fall to $405.1m in January, a 4 per cent decline on December’s results and a 10 per cent fall compared with January 2012. A total of 248 vessels passed through the canal, with net tonnage decreasing to 268 vessels. With Egypt’s ongoing political instability and a failing economy, the canal is one the main ways the country can raise much-needed foreign currency. In late January, the Suez Canal Authority said it would raise fees for all vessels passing through the canal in an attempt to increase government revenues. However, the hike in rates coupled with political uncertainty and a generally tough global shipping market could see a further reduction in vessel traffic through the canal.

EGX30 shuts below 5700 mark; EGX70 adds 0.7%

Indices of The Egyptian Exchange (EGX) ended Sunday’s trading on a mixed note. Main benchmark EGX30 fell 0.35%, or 20.25 points to reach 5695.62 pts. However, EGX70 rose 0.66%, or 3.21 pts to 492.6 pts. The broader EGX100 was ahead 0.66%, or 3.21 pts to 492.6 pts.

Egypt bourse seen extending uptrend backed by retail stocks

Adel Abdul Fattah, Chairman of Egyptian Arabian cmar Securities Brokerage EAC, said that The Egyptian Exchange (EGX) is expected to continue its upward movement today, supported by positive performance of retail stocks. The corporate results released thus far will likely fuel stocks’ positive performance, the expert said, adding that the market will likely be buoyed by news about imminent takeovers that will signal injections of fresh cash into the market. For his part, financial analyst Shady Bahaa said that main benchmark EGX30 is moving within a tight range in the short term between 5665-5800. He added that the index is moving sideways with upward bias, while targeting 6200, then 6400 and 6700 levels.

Qandil expects IMF visit this month

Prime Minister Hisham Qandil said today he expected an International Monetary Fund team (IMF) to visit this month for talks on a loan agreement seen as vital to supporting the country's economy, Reuters reported. Asked when the IMF mission would return to resume stalled talks on the $4.8 billion loan, Qandil said: "Within this month, God willing. Egypt concluded an initial agreement for the loan in November but in December postponed ratification because of political unrest.

Egypt indices seen rebounding, EGX30 likely to target 5890 today – experts

Financial analysts said that The Egyptian Exchange (EGX) is expected to resume its upward movement, reversing yesterday’s collective decline that was triggered by Moody’s downgrade of Egypt’s government bonds rating. Mohamed Maaty, head of technical analysis at Egyptian Arabian cmar Securities Brokerage EAC, said that EGX30 is moving within corrective range for earlier uptrend. He expected the measure to continue its rally till its next target at 5900-6024, noting that 5500 is a stop-loss point. Meanwhile, EGX70 face selling powers yesterday. It is forecasted to target 505-520 area, while stop-loss point is at 445. For his part, Ahmed Ayyad, head of technical analysis at Mubasher pointed out that EGX30 will likely resume its uptrend to target 5890 level.

Stock indexes down during the mid-session

Egyptian stock indexes fell during session of Wednesday ,”EGX30” down 0.22% to reach 5742.83 point, also” EGX70 “down 0.71% to reach the level 489.94 point. “EGX100” fell about 0.46% to reach 823.14 point.

EGX30 likely to continue uptrend if it stabilizes above 5667 mark – analysts

Ahmed Hassan, technical analyst, said that main benchmark EGX30 headed north yesterday to stabilize above the 5667 area. He expected the index to target the 5900 mark over the coming period. This mark represents a strong resistance, the analyst stated, adding that the index may continue its upward movement if it shoot above such a barrier. Hassan defined the primary support level for the index at 5667 pts. For his part, Ahmed Hanafi, head of technical analysis at a brokerage firm, pointed out that the index is moving upward in the short and medium term. He expected EGX30 to test the first resistance amid profit taking.

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.

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