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GMC GROUP FOR INDUSTRIAL COMME   1.29        Telecom Egypt   11.48        Modern Company For Water Proof   1.03        Ismailia Misr Poultry   2.45        El Arabia for Investment & Dev   0.34        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        Egyptian Iron & Steel   6.87        Naeem Holding   0.19        Canal Shipping Agencies   7.39        Misr Chemical Industries   5.65        United Arab Shipping   0.43        Egyptians Housing Development    1.94        Universal For Paper and Packag   4.94        Northern Upper Egypt Developme   4.93        Egyptian for Tourism Resorts   0.69        Egyptian Financial Group-Herme   7.42        Orascom Construction Industrie   240.82        Modern Shorouk Printing & Pack   7        Upper Egypt Contracting   0.8        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        National Development Bank   6.72        Six of October Development & I   15.03        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        Rowad Tourism (Al Rowad)   5.05        Union National Bank - Egypt "    3.25        Ceramic & Porcelain   2.88        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        General Company For Land Recla   16.6        Gharbia Islamic Housing Develo   8.41        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        

Indices news

Crude oil prices take a breather after hitting 2016 highs


Published 2016-04-28 08:10:40| Amwal Al Ghad English

Crude futures pulled back from 2016 highs on Thursday as traders locked in profits after April's sharp rally, but analysts said falling U.S. production, strong investor appetite and a weakening dollar could push prices higher soon. International Brent crude futures were trading at $46.91 per barrel at 0638 GMT, down 27 cents from their last settlement. U.S. West Texas Intermediate (WTI) futures were down 20 cents at $45.13 a barrel. The dips came after both benchmarks rose on Wednesday to their highest levels for 2016 in what has been one of the steepest price increases in recent years. Both Brent and WTI have rallied more than 70 percent since their respective 2016 lows in January and February. Record crude storage figures may have spurred some investors to take profits on Thursday by closing long positions, traders said, and government data on Wednesday showed that U.S. crude stocks climbed 2 million barrels last week to an all-time peak of 540.6 million barrels. Despite the price falls, analysts said that sentiment had clearly turned bullish, and that further price rises were likely. "We ... appear to be at the beginning of a bull market," U.S. investment bank Jefferies said on Thursday. Analysts said falling output in the United States, where Energy Aspects said there were now even "murmurings of volumes falling short" of demand, and a weak dollar were supporting prices and attracting investors. "The recent trend of rising crude oil prices received another boost after U.S. output was shown to have fallen again last week," ANZ bank said, following a release by the U.S. Energy Information Administration (EIA) showing that crude oil production fell to 8.94 million barrels per day (bpd) last week, down almost half a million bpd from this time last year. While Jefferies said it expected the market to remain oversupplied in the near term, it said that crude inventories should begin to fall by the third quarter, "setting the stage for a fundamental recovery". Analysts said that further bullish momentum could emerge due to ongoing weakness in the dollar, which is down almost 6 percent this year against a basket of other leading currencies, as a weaker greenback makes dollar-traded crude cheaper to buy for countries using other currencies at home. The Federal Reserve said Wednesday that it would leave U.S. interest rates unchanged, while the bank of Japan said Thursday it would hold back from expanding stimulus. Jefferies also warned that global spare capacity, estimated around 2 million bpd, or 2 percent of demand, was "precariously low" given the frequency of unexpected disruptions recently, including pipeline interruptions and strikes, as well as "the dire fiscal situation of producers like Venezuela, Iraq and Nigeria."
Get To Know
Reince Priebus, Donald Trump's beleaguered chief of staff, is officially out. The U.S. president took to Twitter on Friday evening to announce that his new chief of staff will be John F. Kelly, who is currently serving as the Secretary of Homeland Security. "I am pleased to inform you that I have just named General/Secretary John F Kelly as White House Chief of Staff. He is a Great American ...," Trump tweeted to his more than 34 million followers, "... and a Great Leader. John has also done a spectacular job at Homeland Security." Trump added: "He has been a true star of my Administration." About Priebus, he wrote, "I would like to thank Reince Priebus for his service and dedication to his country. We accomplished a lot together and I am proud of him!" According to the Department of Defense, the four-star Marine general, 67, was born and raised in Boston, "enlisted in the Marine Corps in 1970, and was discharged as a sergeant in 1972, after serving in an infantry company with the 2nd Marine Division, Camp Lejeune, North Carolina." After graduating from the University of Massachusetts in 1976, he became an officer in the Marine Corps. He served in various positions with the U.S. military over the years, including as Special Assistant to the Supreme Allied Commander in Belgium. He returned to the U.S. in 2001, becoming a brigadier general in 2002. Kelly also served a tour in Iraq and was eventually placed in charge of the United States Southern Command, a position he held until January 2016. That "had him in charge of military operations in 32 countries in the Caribbean, Central America and South America," according to PBS. The article notes that Kelly was a staunch critic of President Barack Obama: He has occasionally criticized the Obama administration's military policy, such as trying to close Guantanamo Bay and opening all combat roles to women. He argued that conditions in Gitmo are not as harsh as its opponents have alleged and that the military would be forced to lower its physical standards to allow women in combat roles. Just a year after retirement, he was tapped by Trump to serve as the Secretary of Homeland Security. According to PBS, Kelly did not "openly endorse Donald Trump at any point throughout his campaign." Kelly's new appointment comes just days after Anthony Scaramucci, Trump's newly assigned communications director, gave a scathing critique of Priebus' role in the administration. As The New Yorker reports, there was believed to be considerable friction between the two men: While they have publicly maintained that there is no bad blood between them, Scaramucci and Priebus have been feuding for months. After the election, Trump asked Scaramucci to join his Administration, and Scaramucci sold his company, SkyBridge Capital, in anticipation of taking on a senior role. But Priebus didn't want him in the White House, and successfully blocked him from being appointed to a job until last week, when Trump offered him the communications job over Priebus's vehement objections. Preibus, 45, previously served as the chairman of the Republican National Committee. "Reince is a good man. John Kelly will do a fantastic job," Trump told reporters who had traveled with him Friday on Air Force One. "General Kelly has been a star, done an incredible job thus far, respected by everybody. He's a great, great American. Reince is a good man."
forex news
Gold Friday recovered from a four-week low as investors sought a safe haven from geopolitical uncertainty caused by growing tensions between North Korea and the United States. Bullion is often used as a refuge in times of political or economic turbulence while assets considered risky, such as stocks, are dumped. North Korea said on Friday it might test a hydrogen bomb in the Pacific Ocean after U.S. President Donald Trump vowed to destroy the country, with leader Kim Jong Un promising to make a "mentally deranged" Trump pay dearly for his threats. "Gold took quite a beating after the U.S. Federal Reserve meeting but now the market got the news about North Korea and now investors are moving back in gold," Danske Bank analyst Jens Pedersen said. Earlier this week the U.S. Fed signaled that it was still on track to raise interest rates by the end of the year. This weighed on gold as tighter monetary policy raises the opportunity cost of holding non-yielding bullion. Spot gold was up 0.48 percent at $1,297.1801 an ounce having hit a four-week low of $1,287.61 in the previous session. Bullion was down 1.7 percent for the week and was headed for a second weekly decline. U.S. gold futures climbed 0.42 percent to $1,300.20 an ounce. The dollar and stocks fell on Friday against the backdrop of these tensions while the Japanese yen and Swiss franc gained on the possibility of North Korea conducting another nuclear test. However, the U.S. Federal Reserve's indication on Wednesday of one more rate increase by the end of the year could continue to restrain gold, a trader said. The dollar had risen to a two-month peak following the Fed comments. Spot gold may end its current weak bounce around a resistance at $1,299 per ounce and then fall towards a support at $1,281, said Reuters technicals analyst Wang Tao. "For gold it will continue to be back and forth, one day its about Fed tightening and balance sheet reduction and the next it's about the geopolitical uncertainty that creates this tug of war," Danske Bank's Pedersen said. Silver rose 0.06 percent to $16.96 an ounce, while platinum was down 0.43 percent to $931.50. Both metals were, however, set for a second weekly decline. Palladium rose 0.22 percent to $912.50 an ounce and was set for a third straight weekly loss.