By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
DailynewsegyptDailynewsegypt
  • Home
  • Business
    BusinessShow More
    Mountain View Sets New Standards for Life Experiences Built On the Science of Happiness at iCity
    September 22, 2023
    Egypt's Emigration Minister meets with founding board of Egyptians Abroad for Investment Company
    Egypt’s Emigration Minister meets with founding board of Egyptians Abroad for Investment Company
    September 21, 2023
    ABB allocates €13bn for green transformation by 2030
    ABB allocates €13bn for green transformation by 2030
    September 21, 2023
    DMZ Cairo Demo Day 2023 showcases Egypt's top tech startups
    DMZ Cairo Demo Day 2023 showcases Egypt’s top tech startups
    September 21, 2023
    Valu partners with Le Marche, Electrotech to offer payment solutions for furniture, electronics Expo
    Valu partners with Le Marche, Electrotech to offer payment solutions for furniture, electronics Expo
    September 21, 2023
  • Politics
    PoliticsShow More
    Egyptian Health Minister highlights country's interest in local drug manufacturing
    Egyptian Health Minister highlights country’s interest in local drug manufacturing
    September 21, 2023
    Egypt leads meeting to urge global support for Sudan’s humanitarian crisis
    Egypt leads meeting to urge global support for Sudan’s humanitarian crisis
    September 20, 2023
    Egypt and EU co-chair GCTF meeting, reaffirm commitment to fighting terrorism
    Egypt and EU co-chair GCTF meeting, reaffirm commitment to fighting terrorism
    September 20, 2023
    Children dying in Sudan amid healthcare system collapse
    Children dying in Sudan amid healthcare system collapse
    September 20, 2023
    Egypt to announce presidential election timetable on Monday
    Egypt to announce presidential election timetable on Monday
    September 20, 2023
  • Interviews
    InterviewsShow More
    Microsoft Egypt aims to provide advanced AI models, build solid AI ecosystem: Mirna Arif
    Microsoft Egypt aims to provide advanced AI models, build solid AI ecosystem: Mirna Arif
    September 18, 2023
    I love privacy, and I am not concerned about competition: Yasmine Sabry
    I love privacy, and I am not concerned about competition: Yasmine Sabry
    September 14, 2023
    Sustainability, digital transformation at the heart of our strategy: Heidelberg Materials Egypt
    Sustainability, digital transformation at the heart of our strategy: Heidelberg Materials Egypt
    September 12, 2023
    India welcomes Egypt's BRICS membership: Boosting trade, investment, and access to strategic commodities
    India welcomes Egypt’s BRICS membership: Boosting trade, investment, and access to strategic commodities
    September 11, 2023
    The box office is not a measure of success: Basma Hassan
    The box office is not a measure of success: Basma
    September 6, 2023
  • Culture
  • Opinion
  • Sports
  • Lifestyle
Reading: Weekly Stock Review: Egypt stock market ends week down 6 pct
Share
Notification
Latest News
Mountain View Sets New Standards for Life Experiences Built On the Science of Happiness at iCity
Real Estate
Egypt's Emigration Minister meets with founding board of Egyptians Abroad for Investment Company
Egypt’s Emigration Minister meets with founding board of Egyptians Abroad for Investment Company
Business
ABB allocates €13bn for green transformation by 2030
ABB allocates €13bn for green transformation by 2030
Business
DMZ Cairo Demo Day 2023 showcases Egypt's top tech startups
DMZ Cairo Demo Day 2023 showcases Egypt’s top tech startups
Business
Valu partners with Le Marche, Electrotech to offer payment solutions for furniture, electronics Expo
Valu partners with Le Marche, Electrotech to offer payment solutions for furniture, electronics Expo
Business
Aa
Aa
DailynewsegyptDailynewsegypt
  • Home
  • Business
  • Politics
  • Interviews
  • Culture
  • Opinion
  • Sports
  • Lifestyle
  • Home
  • Business
  • Politics
  • Interviews
  • Culture
  • Opinion
  • Sports
  • Lifestyle
Have an existing account? Sign In
Follow US
  • Advertise
© 2023 DNE News. All Rights Reserved.
Dailynewsegypt > Blog > Politics > Weekly Stock Review: Egypt stock market ends week down 6 pct
Politics

Weekly Stock Review: Egypt stock market ends week down 6 pct

Sherine El Madany
Last updated: 2015/08/07 at 11:46 AM
By Sherine El Madany 7 Min Read
Share
SHARE

CAIRO: Egyptian shares surrendered the year’s early gains and turned red last week, losing ground for seven straight sessions as escalating fears over US retail sales data and the beleaguered banking sector pulled the index down.

After a brief tick up in the first few sessions of 2009, the index is now down 5.86 percent, after plummeting 56.43 percent last year, hit hard by a credit crisis that tipped the global economy into a sharp downturn.

Overall, Egypt’s benchmark CASE 30 index plunged 6.63 percent to end the week at 4,327.01 points.

The index slid for the third session in a row on Sunday, inching 0.14 percent down at 4,628.08 percent, as local investors sold on big caps. Trading turnover was below average at LE 581.2 million ($105.6 million).

Index heavyweight Orascom Telecom (OT) lost 1.78 percent to LE 29.77, while Orascom Construction Industries (OCI) fell 1.72 percent to LE 139.75.

Shares of Commercial International Bank (CIB) – Egypt’s largest listed lender – slipped 0.51 percent to LE 36.90. Investment bank EFG-Hermes shed 2.54 to LE 17.65 per share.

Bucking the trend were smaller companies such as Remco for Touristic Villages Construction, which leapt 7.74 percent to LE 6.68, and Housing and Development Bank, which surged 12.16 percent to LE 31 per share.

The market extended losses on Monday, as investors continued to take profits on blue chips. The index was 0.6 percent lower at 4,600.31 points on a higher turnover of LE 701.8 million ($127.3 million).

Shares of OCI – Egypt’s largest builder by market value – posted their sharpest single-day drop in at least a month on Monday as foreign investors took profits. The stock dipped 2.68 percent to LE 136.75, its fifth session of losses. However, it is still up nearly 20 percent since mid-December.

Sister company OT – the largest Arab mobile operator by subscribers – saw its shares close in the red, skidding 1.53 percent to LE 29.60. Shares of OT have gained 3.10 percent in the five sessions to Sunday, according to Reuters data.

Beating the market were shares of real estate giant Talaat Mustafa Group (TMG), posting the session’s largest turnover at LE 93.6 million. The stock gained 3.5 percent to LE 3.25.

Shares of OT weighed on the market on Tuesday, dragging the index down for the fifth straight session. The index dipped 2.16 percent to 4,500.98 points on a turnover of LE 673.7 million ($121.9 million).

Shares in OT – the biggest Arab mobile phone operator by subscribers – plummeted 7.6 percent to LE 27.60. Investors shrugged off news that the Cairo-based group has won a renewable one-year contract to operate one of Lebanon’s two mobile phone operators. The stock posted one of the session’s highest trading turnover at LE 92.9 million.

Traders explained market sentiment sagged after European and Asian shares fell on bleak corporate earnings.

Market mainstay OCI slipped 3.86 percent to LE 133.12 per share. Together both stocks constitute around 35 percent of trading on the CASE 30 index.

Investment bank Pioneers Holding sank 6 percent to LE 6.69 a share. The bank said it has cancelled a deal to buy a stake in Egyptian Securities Brokerage and was studying other options.

Negative sentiment pervaded the market on Wednesday, pulling the index down in line with global markets. The index fell 0.53 percent to 4,477.12 points on a turnover of LE 588.3 million ($106.3 million).

Shares of OT – the day’s most heavily traded share by turnover – edged 0.57 percent down to LE 28.08 on a turnover of LE 74.2 million.

Negative market sentiment eclipsed announcements that one of OT’s subsidiaries would buy a Namibian mobile operator for $59 million, and would sell its M-link unit for $77 million.

Global markets plunged Wednesday on worries about steeper losses at banks worldwide and as US retail sales data pointed to a deepening recession.

Fears about the banking sector were exacerbated after Morgan Stanley analysts said that HSBC, Europe’s biggest bank, is likely to halve its dividend and may need to raise up to $30 billion of capital, while Germany’s Deutsche Bank said it lost more than $6 billion last quarter.

Shares in construction conglomerate OCI also closed in the red, diving 3.08 percent to LE 131.02, while Egypt’s largest investment bank EFG-Hermes tumbled 5.48 percent to LE 16.55.

TMG shares lost 1.8 percent to LE 3.2 on a turnover of LE 34.5 million.

But shares in Palm Hills Development – Egypt’s second-largest real estate company by market value – bucked the trend, climbing 3.81 percent to LE 7.90. The firm said on Tuesday that its land was worth $6 billion, 70 percent more than a previous valuation.

The market stumbled Thursday to its seventh straight session as US and European market woes tolled on Egypt’s stock exchange. The index lost 3.35 percent to 4,327.01 points on a turnover of LE 537.7 million.

Both Orascoms led the index down as foreign investors took their lead from US and European markets that declined a day earlier.

Shares of OT slipped 5.53 percent to LE 27, posting the day’s most heavily traded share by turnover. While shares in OCI lost 4.52 percent to LE 127.49 per share. The company said on Wednesday it planned to buy back up to 0.9 percent of its shares.

You Might Also Like

Egyptian Health Minister highlights country’s interest in local drug manufacturing

Egypt leads meeting to urge global support for Sudan’s humanitarian crisis

Egypt and EU co-chair GCTF meeting, reaffirm commitment to fighting terrorism

Children dying in Sudan amid healthcare system collapse

Egypt to announce presidential election timetable on Monday

TAGGED: FJP
Share this Article
Facebook Twitter Email Print
Previous Article Abou-Trika short-listed for top African award
Next Article Al Khan 19 January 2009
Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Ad image
Ad image

Stay Connected

Facebook Like
Twitter Follow
Instagram Follow
Youtube Subscribe

Latest News

Mountain View Sets New Standards for Life Experiences Built On the Science of Happiness at iCity
Real Estate
Egypt's Emigration Minister meets with founding board of Egyptians Abroad for Investment Company
Egypt’s Emigration Minister meets with founding board of Egyptians Abroad for Investment Company
Business
ABB allocates €13bn for green transformation by 2030
ABB allocates €13bn for green transformation by 2030
Business
DMZ Cairo Demo Day 2023 showcases Egypt's top tech startups
DMZ Cairo Demo Day 2023 showcases Egypt’s top tech startups
Business
//
Egypt’s only independent daily newspaper in English. Discuss the country’s latest with the paper’s reporters, editors, and other readers.

Quick Link

  • Home
  • Business
  • Politics
  • Interviews
  • Culture
  • Opinion
  • Sports
  • Lifestyle

Sign Up for Our Newsletter

Subscribe to our newsletter to get our newest articles instantly!

© 2023 DNE News. All Rights Reserved.

Join Us!

Subscribe to our newsletter and never miss our latest news, podcasts etc..

Zero spam, Unsubscribe at any time.

Removed from reading list

Undo
Welcome Back!

Sign in to your account

Lost your password?