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S&P’s rating downgrade drives stocks lower at open

Indices of The Egyptian Exchange (EGX) have collectively moved down in today’s early trading. Benchmark index EGX30 fell 0.89% to 5324.71 points, hurt by S&P’s decision to downgrade Egypt’s long term credit rating from B to -B with Negative Outlook. EGX70 also retreated 0.22% to 475.06 pts and the broader EGX100 pulled back 0.37% to 792.26 pts. Capital market experts told Mubasher earlier today that indices are expected to move sideways with a downward tendency today, on the backdrop of Standard and Poor’s (S&P) downgrade of Egypt’s long-term credit rating from B to -B, with Negative Outlook. Investors will likely be cautious amid signals of deteriorating economy, they added. Ahmed Abdel Hamid, Managing Director of Watheeqa for Securities Brokerage, said that traders are awaiting the official results of the referendum on the new constitution. Rating agency S&P downgraded yesterday Egypt’s long-term credit rating because of “elevated” tensions over its political crisis, and warned it could be lowered further. The country’s long-term rating was lowered to ‘B-’ from ‘B’ because the turmoil has “weakened Egypt’s institutional framework, and the increasingly polarized political discourse could diminish the effectiveness of policy-making,” AFP reported the agency as saying.

New tax raises aim at fighting evasion: Egypt's finance minister

The recently announced tax hikes ratified by President Mohamed Morsi and revoked by him shortly after due to public outcry target tax evasion loopholes that are being exploited by some to avoid financial accountability, said Momtaz El-Said, Egypt's minister of finance, in a press statement following a meeting with the Egyptian Federation of Investment Association (EFIA) on Sunday. "Amendments to the tax law in reality will not affect low-income segments, and are not in any way burdensome to the most disadvantaged in our society, said El-Said. Abolition of sales taxes on capital good will definitely boost national industry, and will attract investors at a time where our economy needs it the most, El-Said claimed while addressing a group of Egyptian businessmen and investors. El-Said denied criticisms by opposition groups that the hikes are part of an austerity package imposed by the International Monetary Fund (IMF) as loan conditionality, and asserted that the income raised will attract Foreign Direct Investments (FDIs) and curb youth unemployment rates. Government officials argued that the new tax law presents an incentive for Egypt's unofficial sector to finally become "legitimate" as it will be exempted from all tax dues on its commercial activities over past years. "Commodities that

Government mulls converting Public Transport into holding company

The government studies converting Public Transport Authority (PTA) into a holding company as part of plans to restructure PTA and maximize revenue. Mona Mostafa, PTA's president told Al Borsa that the tendency to turn the authority into a holding company is part of a restructuring plan aimed at bridging the fiscal deficit between revenue and expenses.

High collectivity of The Egyptian Exchange Indices after The second and final phase of referendum

The Egyptian Exchange Indicesopened Sunday session ,the first session after The second and final phase of referendum with high mass .ECX30 up 0.56% at 5473.69 point. EGX70 which for shares of small companies and average up 0.59% at level 490.54 point , EGX100 up 0.54% at level 814.31 point.

EGX indices likely to extend upturn today – expert

Capital market experts surveyed by Mubasher forecasted indices of The Egyptian Exchange (EGX) to continue their winning streak today, following yesterday’s peaceful demonstrations against the results of the referendum’s first round. Ahmed Abdel Hamid, Managing Director for Branches at Watheeqa Securities Brokerage said that EGX will likely move up, thanks to the expected relative stability after wrapping up the referendum on the constitution. The stock market reversed its early downturn yesterday and indices closed collectively up, Abdel Hamid said, adding that market capitalization added nearly EGP 1.3 billion.

NSGB-QNB, Carrefour-Metro deals likely to fuel acquisitions – experts

Capital market experts said that the takeover deals announced recently in the local market, namely QNB’s acquisition of SocGen’s stake in NSGB for above $2.5 billion and Carrefour’s acquisition of Metro and Khir Zaman for around EGP 2 billion, give positive signals for restoring confidence in Egypt’s investment growth potential.

TMG says not invited by gov’t to settle Madinaty land dispute

Shawky El Sayed, legal advisor of leading property developer Talaat Moustafa Group Holding (TMG) said that the government did not invite the group for talks to settle the current dispute over the sale contract of Madinaty land. He also added that TMG did not request to hold negotiations with the government in this regard. The dispute is still in court, the legal advisor said, indicating that the Administrative Court had previously affirmed the legality of the sale contract inked by TMG and the government. Meanwhile, Prime Minister Hisham Qandil had stated last November that the government redeemed EGP 20 billion from settling contracts and legal cases with 46 companies. He added that more settlements were expected in the coming period.

Egypt's central bank governor to resign by year's end: Reports

The governor of the Central Bank of Egypt (CBE) will resign from his position by the end of December for health reasons, a CBE source who preferred anonymity told Ahram Online “He intends to end his career due to his health condition," the source said.. Farouq El-Oqda, who has been at the helm of the CBE for the last nine years, had been nominated earlier this year for the position of prime minster, but ultimately declined the offer. On Monday, the Turkish Anadolu news agency cited anonymous senior banking sources as saying that El-Oqda had tendered his resignation to Egypt's presidency last June, but that his request to resign remained pending. According to the source cited by Anadolu, El-Oqda has put forth three names to succeed him: Tareq Amer, chairman of the National Bank of Egypt; Mohamed Barakat, chairman of Banque Misr (Egypt's second largest bank); and Hisham Ramez, managing director of the Commercial International BankEgyptian President Mohamed Morsi met with El-Oqda on Sunday, but the meeting was not followed by any official statements. CBE Sub-Governor Nidal Al-Aassar, meanwhile, speaking to Egypt's official MENA news agency, denied that El-Oqda had tendered his resignation to Morsi at the Sunday meeting. In 2011, Egypt's then-ruling

Germany delays waiving 240 mln euro from Egypt debts

German Minister of Economic Cooperation and Development Dirk Niebel confirmed that the political instability currently seen in and around Egypt represents a major threat to the whole region. The Minister added that Germany reduced contacts with the Egyptian governments and postponed a plan to exempt Egypt from debts worth 240 million euro.

EGX seen extending upturn today – experts

Capital market experts forecasted The Egyptian Exchange (EGX) to continue its upward movement today, backed by completing the first round of the referendum on the constitutions in 10 governorates. Yasser El Masri, Vice Chairman of Arab African Securities Brokerage said that the bourse will likely extend the upturn, thanks to the safe undertaking of the voting on the new charter. El Masri added that EGX will target 5400-5350 points, noting that NSGB stock will likely move down further on the backdrop of QNB takeover deal.

EGX indices in green at open, buoyed by referendum

Indices of The Egyptian Exchange (EGX) have collectively rallied during today’s earlytrading. Benchmark index EGX30 rose 0.43% to 5185.22 points. EGX70 also moved up 1.07% to 468.29 pts and EGX100 pulled ahead 0.63% to 778.31 pts. Experts and analysts, surveyed by Mubasher, pointed out that EGX will likely extend its winning streak today, fueled by news about the referendum on Egypt’s constitution, which took place yesterday in ten governorates with no reporting of any violence.Ahmed Abdel Hamid, Managing Director of Watheeqa Securities Brokerage said that the relative stability seen yesterday in the referendum will likely help the bourse move up.

Indices down at open, EGX30 sheds 0.7%

Indices of The Egyptian Exchange (EGX) have collectively moved down in today’s early trading. Benchmark index EGX30 lost 0.68% to reach 5123.15 points. Similarly, EGX70 inched down 0.08% to 457.29 pts. The broader EGX100 pulled back 0.26% to 765.63 pts. Earlier today, capital-market experts forecasted the local exchange to continue an upward movement that began two days ago, backed by the kick off of the referendum on the new constitution yesterday, as well as the shift in opposition parties’ stance towards the ballot. Furthermore, the bourse was seen fueled today by the news about inking the sale deal between Qatar National Bank (QNB) and NSGB.

stock indexes rise at end of trading by 2.9%

stock indexes Ignored negative effects of delay IMF loan worth $ 4.8 billion, as well as " Demonstrations" organized by political forces for and against the decisions of the president yesterday, and won market capitalization of more than 2.5 billion pounds by the end of the trading session on Wednesday, and index up, strong by 2.83% equivalent to 141.74 points to close at 5158.38 points. rose stock index of small and medium "EGX70", by 17.57 points, or the equivalent of 3.99% to close at 457.67 points, while the index rose "EGX100", wider, which includes companies making up the indices " EGX30 "and" EGX70 ", by 3.48%, or 25.84 points, to close at 767.63 points.

El Saeed: IMF delays nod on $4.8 bln loan to Egypt

Finance Minister Moumtaz El Saeed told Anadolu Agency exclusively today that the International Monetary Fund (IMF) and the Egyptian government agreed to postpone an IMF board meeting, scheduled for December 19th, to endorse the $4.8 billion loan sought by Egypt. The meeting is expected to be held next January, El Saeed said, but noted that the IMF management has not set a date yet. The delay was aimed at reviewing items of Egypt’s economic program, including the recent tax law that was issued and then revoked by President Mursi. Suffering an initial budget deficit of $27.5 billion in FY12/13, Egypt is seeking to raise loans of around $14.5 billion from global financial institutions including the IMF to fill the budget deficit.

Mursi to amend CBE’s statute in days

President Mohamed Mursi will issue over the coming days a decree to amend the statute of the Central Bank of Egypt (CBE), which had been issued by virtue of a presidential decree No. 64/2004. The amendment has been endorsed by the Cabinet in its latest meeting.

EGX indices inch up at open on investor caution

Indices of The Egyptian Exchange (EGX) have slightly moved up in today’s early trading, amid a state of anticipation and caution among traders amid discord of political parties and calls from opposition figures for staging rallies against the President’s latest decree. Benchmark index EGX30 inched up 0.14%, or 6.8 points to reach 4983.03 points. Similarly, EGX70 pulled ahead 0.13%, or 0.56 pt to 436.79 pts.

Egypt’s FY11/12 final budget account reflects EGP203 bln deficit

President Mohamed Mursi ratified the final account for FY11/12 budget, pursuant to Law No. 99/2012, given the absence of an elected parliament. The final account showed actual deficit reaching EGP 203 billion. Total expenses reached EGP 470.9 billion. Local and foreign financial assets amounted to EGP 3.9 billion. Meanwhile, EGP 36.4 billion worth of local and foreign debts were repaid.

Mursi scraps new tax law

President Mohamed Mursi issued a decree to revoke the new tax law that triggered controversy in the political and economic arenas. In a statement issued today, Mursi said that he would not allow further burdens on citizens, especially amid the current economic difficulties.

EGX indices soar at close, propelled by revoking Mursi’s decree

Indices of The Egyptian Exchange (EGX) surged at the end of today’s trading. Benchmark index EGX30 rocketed 4.41%, or 213.45 points to reach 5051.96 pts. The measure was fueled by the agreement reached yesterday between President Mursi and the opposition, under which the much-disputed constitutional decree will be abrogated. EGX70 also jumped 2.57%, or 10.99 pts to 438.61 pts. EGX100 gained 3.40%, or 24.33 pts to 740.57 pts. At today’s mid-session, EGX management had suspended trading on 60 stocks for 30 minutes for rising by more than 5%.

EGX indices rally in early trade, EGX30 up 3.6%

Indices of The Egyptian Exchange (EGX) have collectively moved up during today’s early trading. Benchmark index EGX30 gained 3.63% to reach 5014.22 points; above the 5000 mark. The bourse was fueled by an agreement reached yesterday evening between political powers on resolving the current crisis. EGX70 rose 2.18% to 436.94 pts. The broader EGX100 pulled ahead 2.72% to 735.71 pts.

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