amwalalghad :: EGX

Your English Portal To Arab Economy

GMC GROUP FOR INDUSTRIAL COMME   1.29        Telecom Egypt   11.48        Ismailia Misr Poultry   2.45        El Arabia for Investment & Dev   0.34        Modern Company For Water Proof   1.03        Egyptian Real Estate Group   6.85        Pioneers Holding   2.84        Ezz Steel   7.86        Rakta Paper Manufacturing   4.39        Orascom Telecom Holding (OT)   3.92        Naeem Holding   0.19        Egyptian Iron & Steel   6.87        United Arab Shipping   0.43        Egyptians Housing Development    1.94        Universal For Paper and Packag   4.94        Northern Upper Egypt Developme   4.93        Canal Shipping Agencies   7.39        Misr Chemical Industries   5.65        Egyptian for Tourism Resorts   0.69        Modern Shorouk Printing & Pack   7        Upper Egypt Contracting   0.8        Egyptian Financial Group-Herme   7.42        Orascom Construction Industrie   240.82        Heliopolis Housing   21.65        Raya Holding For Technology An   4.57        United Housing & Development   8.93        International Agricultural Pro   2.1        Gulf Canadian Real Estate Inve   18.08        Alexandria Pharmaceuticals   45.71        Arab Cotton Ginning   2.46        Egyptian Chemical Industries (   7.26        National Real Estate Bank for    11.84        Six of October Development & I   15.03        National Development Bank   6.72        Oriental Weavers   20.66        Arab Gathering Investment   16.29        Egyptians Abroad for Investmen   2.75        Palm Hills Development Company   1.61        Credit Agricole Egypt   9.04        Remco for Touristic Villages C   2.13        Commercial International Bank    29.87        El Ezz Porcelain (Gemma)   1.9        Egyptian Starch & Glucose   5.4        Arab Real Estate Investment (A   0.41        South Valley Cement   3.12        Citadel Capital - Common Share   2.5        Union National Bank - Egypt "    3.25        Ceramic & Porcelain   2.88        Rowad Tourism (Al Rowad)   5.05        El Nasr Transformers (El Maco)   4.78        Egyptian Media Production City   2.31        GB AUTO   27        Sharkia National Food   3.78        Egyptian Transport (EGYTRANS)   7.85        El Kahera Housing   4.97        El Shams Housing & Urbanizatio   2.45        Egyptian Kuwaiti Holding   0.7        ARAB POLVARA SPINNING & WEAVIN   2.11        Cairo Poultry   8.32        Egyptian Financial & Industria   8        T M G Holding   4.03        Asek Company for Mining - Asco   10.66        Misr Hotels   27        Egyptian Electrical Cables   0.56        Medinet Nasr Housing   22.51        Mena Touristic & Real Estate I   1.21        ELSWEDY CABLES   18        Al Arafa Investment And Consul   0.17        Prime Holding   0.91        Alexandria Spinning & Weaving    0.74        Gharbia Islamic Housing Develo   8.41        General Company For Land Recla   16.6        Alexandria Cement   8.9        Arab Valves Company   0.94        Sidi Kerir Petrochemicals   12.4        TransOceans Tours   0.09        Egyptian for Developing Buildi   6.43        Egyptian Gulf Bank   1.24        Kafr El Zayat Pesticides   18.19        Faisal Islamic Bank of Egypt -   35.1        National company for maize pro   11.86        Delta Construction & Rebuildin   4.03        Zahraa Maadi Investment & Deve   48.25        Samad Misr -EGYFERT   3.52        Egypt for Poultry   1.41        Cairo Development and Investme   11.7        Cairo Pharmaceuticals   20.1        Maridive & oil services   0.9        Suez Canal Bank   3.75        Nile Pharmaceuticals   15.81        The Arab Dairy Products Co. AR   73.85        National Housing for Professio   14.39        El Ahli Investment and Develop   4.87        Egyptian Saudi Finance Bank   10.79        Ismailia National Food Industr   5.16        National Societe Generale Bank   25.52        Acrow Misr   19.16        Alexandria Mineral Oils Compan   63.63        Paper Middle East (Simo)   5.59        Egypt Aluminum   12.31        Giza General Contracting   13.12        Middle Egypt Flour Mills   5.82        Extracted Oils   0.6        Assiut Islamic Trading   4.56        Engineering Industries (ICON)   3.95        North Cairo Mills   15.3        Arab Pharmaceuticals   11.88        Grand Capital   5.38        El Ahram Co. For Printing And    10.68        Minapharm Pharmaceuticals   25.49        El Arabia Engineering Industri   13.52        El Nasr For Manufacturing Agri   9.71        Naeem portfolio and fund Manag   1.7        Faisal Islamic Bank of Egypt -   6.76        Natural Gas & Mining Project (   68.26        Housing & Development Bank   13.95        East Delta Flour Mills   31.5        Orascom Development Holding (A   3.22        Memphis Pharmaceuticals   11.12        Abou Kir Fertilizers   134.23        Delta Insurance   5        Cairo Investment & Real Estate   12.18        Cairo Oils & Soap   12.98        Egyptian Arabian (cmar) Securi   0.36        Egyptian Real Estate Group Bea   15.56        Alexandria Containers and good   85.51        Upper Egypt Flour Mills   45.78        Development & Engineering Cons   9.94        Sinai Cement   15.18        Medical Union Pharmaceuticals   28.01        Torah Cement   24.2        Alexandria New Medical Center   46.55        Export Development Bank of Egy   5.04        Egyptian Company for Mobile Se   92.02        Middle & West Delta Flour Mill   32.7        El Kahera El Watania Investmen   4.18        Mansourah Poultry   12.41        Delta Sugar   11.04        Misr Beni Suef Cement   41.21        Egyptian Satellites (NileSat)   6.14        Cairo Educational Services   17.75        Lecico Egypt   7.55        Sharm Dreams Co. for Tourism I   5.3        General Silos & Storage   10.77        Al Moasher for Programming and   0.66        UTOPIA   5.28        Arab Ceramics (Aracemco)   25.4        Barbary Investment Group ( BIG   0.98        

Money Markets - EGX

Mahmoud Shaaban - 2017-03-28 12:39:33
Egyptian government has approved listing 24 percent share of state-owned company Engineering for the Petroleum and Process Industries (Enppi) on the local stock market, Oil Minister Tarek el-Molla announced Tuesday. NI Capital, a financial company affiliated to the National Investment Bank, will evaluate the fair value of Enppi ahead of starting initial public offering process, the Egyptian minister added. Earlier, El-Molla said that the government were assessing some state-owned petroleum companies for their suitability for a possible listing on the Egyptian stock market or share issuances, adding that planned IPOs would take place before the end of the current financial year. The minister did not disclose the names of the remaining companies or the value and date of any planned initial public offerings. The presidency announced in January 2016 that Egypt would soon offer shares of "successful" state-owned companies and banks on the local bourse - its first public offering of government-owned firms since 2005, when it offered shares in Telecom Egypt, AMOC, and Sidi Kerir. Enppi was established in 1978, and is currently working under the Egyptian Investment Law 8 for 1997, with a paid in capital of $220 million. The state-run Egyptian General Petroleum Corporation (EGPC) is the principal shareholder owning 97 percent of the total shares. Enppi is a major engineering and EPC contractor that provides full integrated engineering, procurement, construction supervision, and project management services for oil and gas, chemical, petrochemicals, power sectors and other related industries in Egypt, Middle East, North Africa, and South America. More»
Amwal Al Ghad English - 2017-03-22 11:10:28
The Egyptian government has approved on Tuesday the extension of a freeze on a capital gains tax for three years from May 17, the state news agency MENA reported. The country originally imposed a 10 percent tax on capital gains in July, 2014, as part of efforts to replenish depleted state coffers, but the following year suspended the tax under pressure from investors for a period of two years. Tuesday's decision extends that freeze for another three years. The cabinet also approved a stamp duty on stock exchange transactions for both buyers and sellers set at 1.25 Egyptian pounds per 1,000 for the first year of the tax's introduction, rising to 1.5 pounds in the second year and 1.75 in the third. It will also impose a levy of 3 pounds per 1,000 for investors buying or selling more than a third of a company's stocks. The Finance Ministry targets raising revenues of 1-1.5 billion Egyptian pounds ($54.8 million-$82.2 million) in the first year of the new stamp duty, Deputy Finance Minister Amr al-Munayer told Reuters on Monday. The extension to the capital gains tax freeze and the new stamp duty were introduced in a bill amending Egypt's income tax laws and are subject to a vote in parliament before President Abdel Fattah al-Sisi can sign it into law. Investors had said the capital gains tax discouraged business at a time Egypt was struggling to recover from the 2011 uprising and subsequent political upheaval. More»
Amwal Al Ghad English - 2017-03-21 15:25:51
Egypt aims to raise 6 billion pounds ($329 million) from the sale of stakes in state-owned companies in the 2017/18 financial year, Finance Minister Amr El Garhy told Reuters. The sale is part of the Egyptian government’s efforts to generate revenue and attract investors. He did not specify which companies would be involved, or the size of the stakes which would be offered to investors. Egypt plans to offer shares in several public companies, mainly in the petroleum and financial sectors, on the stock exchange this year. The offerings will be its first since 2005, when the state sold shares in Telecom Egypt, AMOC and Sidi Kerir. The Egyptian government owns a large number of companies in various industries as well as several banks, but its efforts to privatise state holdings have proven politically sensitive. The 2011 uprising that ended Hosni Mubarak's 30-year rule followed years of complaints over the spread of what many considered crony capitalism, with stakes in state firms being sold off to big investors with political connections. The government plans to sell minority stakes of 20-30 percent mainly through stock exchange offerings, which are widely seen as more transparent and could also help strengthen the bourse and attract investors. Oil Minister Tarek al-Molla said last year that eight petroleum companies were among those being considered for privatisation. Central Bank Governor Tarek Amer has said the government also plans to offer 20 percent of Banque du Caire as well as a 40 percent stake in the Arab African International Bank (AAIB), in which the central bank owns a stake. Banque du Caire is expected to list its shares in the first half of the year. The moves are part of Egypt's efforts to revive its economy after the 2011 uprising drove away tourists and foreign investors. On Nov. 3, the central bank abandoned its peg of 8.8 pounds per dollar, allowing the pound to halve in value. The stock market has rallied in response to the float with foreign investors also buying up government debt instruments. More»
Islam Salah - 2017-03-20 18:36:57
Egypt captures around five percent of the Arab bourses’ total market capitalisation, head of the Egyptian market regulator EFSA, Sherif Samy said in a conference in Tunisia on Sunday. Samy further said that Arab bourses’ total market capitalisation had grown by 3.7 percent to record $1.1 trillion by the end of 2016, despite ongoing political and economic challenges facing the Arab world. “The challenges haunting the Arab capital markets are almost the same as most of the countries in the region are affected by the current political situation and combating terrorism in addition to global economic challenges following the fall in oil prices,” the Egyptian official added on the sidelines of the Union of Arab Securities Authorities (UASA) annual meeting. More»
Gehad Abdel Ghany - 2017-03-18 16:52:41
Egypt’s stock market index, EGX 30 climbed 1.02 percent this week, closing at 12,904 points on Thursday. Market capitalisation also posted weekly gains worth 11.7 billion Egyptian pounds ($647.8 million), shutting at 647.541 billion pounds during the closing session of Thursday, compared to 635.839 billion pounds at the end of a week earlier. More»
Gehad Abdel Ghany - 2017-03-04 14:42:48
The Cairo index rose 0.57 percent to 12,310 points this week following the Egyptian authorities’ reassurance to limit impact of a stamp duty on transactions by proposing only a gradual introduction of the tax. Amr al-Garhy told Reuters on Wednesday that he would propose a duty starting at 1.25 Egyptian pounds ($0.08) per 1,000 to the government next week, rising to 1.5 pounds in the second year of implementation and 1.75 pounds in the third. "We are working on not affecting the size or value of transactions in the market," Garhy said. More»
Amwal Al Ghad English - 2017-03-02 10:47:12
Egyptian Finance Minister Amr al-Garhy plans to propose a stamp duty on stock market transactions on buyers and sellers starting at 1.25 Egyptian pounds ($0.0774) per 1,000 to the government next week, he told Reuters on Wednesday. The tax would go up to 1.5 pounds per 1,000 in the second year of its implementation and 1.75 pounds in its third. "We will propose next week to the cabinet that the stamp duty comes in steps," Garhy told Reuters. Egypt imposed a stamp duty on buyers and sellers in May 2013, collecting more than 350 million Egyptian pounds ($18.77 million) in revenue before the levy was replaced in July 2014 by a 10 percent capital gains tax. It suspended the capital gains tax in May 2015 for two years, under pressure from investors. They said it was discouraging business just as Egypt was struggling to recover from a plunge in confidence after a 2011 uprising and subsequent political upheaval. The Higher Investment Council last year extended the suspension of capital gains tax for three years, until 2020 as part of efforts to draw investors back. "We are working on not affecting the size or value of transactions in the market," Garhy said of the decision to bring the tax about in steps. A senior ministry official had told Reuters on Thursday that the ministry would propose a tax of 2 pounds per 1,000. The proposed tax would have to be approved by the cabinet of ministers before being sent to parliament for a vote. More»
Amwal Al Ghad English - 2017-02-23 15:43:24
Egypt's Finance Ministry is recommending a tax on stock exchange transactions of 0.2 percent on both sellers and buyers, Reuters has cited a senior ministry official as saying. The official said he expected the stamp duty to come into effect before May and to generate revenue of 1 billion to 1.5 billion Egyptian pounds ($63 million to $94.5 million) in 2017/18. "We will send the income tax law amendments in early March to parliament, and they will include imposing a stamp tax on bourse transactions of 4 pounds per 1,000, which will be 2 pounds per 1,000 on the seller and 2 pounds per 1,000 on the buyer," the official said. "We are targeting implementation of that tax before next May," he added. The EGX 30 main index fell by 1.34 percent after the news, but economists said investors would take it well, having expected, and priced in, a higher tax rate. "The stamp tax of 0.2 pct is definitely below market speculation of 0.4 to 0.5 percent, so this is more of a relief for the market, which had been pricing in a much higher rate, said Allen Sandeep, head of research at Naeem Brokerage in Cairo. "While this is an acceptable rate for an emerging market like Egypt, deferment of the tax charge would still be the ideal scenario, given the (current) emphasis on attracting foreign capital," he added. Egypt imposed a stamp duty on buyers and sellers in May 2013, collecting more than 350 million Egyptian pounds ($18.77 million) in revenue before the levy was replaced in July 2014 by a 10 percent capital gains tax. Egypt suspended the capital gains tax in May 2015 for two years, under pressure from investors. They said it was discouraging business just as Egypt was struggling to recover from a plunge in confidence after a 2011 uprising and subsequent political upheavals. The Higher Investment Council last year extended the suspension of capital gains tax for three years, until 2020 as part of efforts to draw investors back. More than 270 companies are listed on the Egyptian stock exchange and more than 500,000 investors are registered to trade there. More»
Amwal Al Ghad English - 2017-02-16 10:57:40
Stock markets in Europe were lower Thursday morning, with investors pausing for breath after fresh record closes on Wall Street in the previous session. The pan-European Stoxx 600 was 0.32 percent lower with basic resources and insurance stocks the worst performers in early deals. The insurance group NN was at the bottom of the European benchmark after disappointing full-year results. Cobham, the British manufacturing company, was the worst-performing stock in the morning session, down by 21 percent after downgrading its profit guidance. Ex-dividend stocks were also dragging down bourses like the FTSE 100 on Thursday. Meanwhile, Nestle was down by more than 1 percent after lower-than-expected results. Air France-KLM jumped 8.5 percent in early trade after reporting strong earnings. Several airlines moved higher on Thursday, with Intl Consol Air and Lufthansa at the top of the European benchmark. Elsewhere, the Austrian oil and gas company OMV climbed near the top of the Stoxx 600 after hiking its dividend for this year. In other corporate news, German authorities said they weren't satisfied that they were not informed that General Motors planned to sell its ailing European arm to Peugeot according to the Financial Times. Concerns have been raised that it could result in a mass layoff in German factories, a few months away from a federal election. Meanwhile, NATO defense ministers continued with a second-day summit in Brussels on Thursday and foreign ministers of the G-20 are gathering in Bonn, Germany. In terms of data, the European Central Bank is set to release the minutes of its January meeting. Car registrations in Europe rose 10.2 percent year-over-year in January, accelerating from a 3.0 percent rise in December. In France, data showed the unemployment rate dropping to 10 percent at the end of last year. U.S. stocks closed at fresh highs Wednesday for a fifth-straight day as traders continued to bet on a pro-growth agenda under President Donald Trump. More»
Amwal Al Ghad English - 2017-02-15 14:31:09
Egypt and Sydney bourses have signed Wednesday a memorandum of understanding that aims to exchange information across their business areas. Through the MoU, the Egyptian Exchange (EGX) and Sydney Stock Exchange (SSX) shall create possibilities for a range of opportunities aimed to develop their businesses, products, and markets as well as to share knowledge and build on both bourses’ strategies of strengthening international connectivity. “This memorandum of understanding further complements EGX’s strategy to cooperate with global exchanges beyond its traditional markets in Africa, the Middle East, and Europe.” Egyptian bourse chairman Mohamed Omran said. “It is the first time ever that EGX has signed an MoU with an exchange located in Australia. We look forward to a fruitful collaboration with SSX for the benefit of both exchanges, and aim to cross list and trade securities that would provide new investment alternatives to investors in both markets,” he added. “This collaboration will extend SSX’s reach beyond Asia Pacific to Africa and encourage trade and capital flows between Australia and Egypt.” said Tony Sacre, chief executive of Sydney Stock Exchange. “Africa is a strong trade corridor for the Australian and Asian economies.” Sacre added. The Australian official further said that the new partnership with the Egyptian bourse would focus on developing innovative companies and listings in sectors such as mining, oil and gas, real estate, technology, agribusiness, and consumer and business services. More»