China's inflation stays flat at 0.3% YoY in May    Matrouh receives EGP 17.3b for 23/24 development – minister    Oil up on Wednesday    US to widen sanctions on semiconductor sales to Russia    SODIC, Marriott International to debut Tribute Portfolio brand in Egypt with 2 new hotels    ASALDI Properties completes 1st phase sales of Shades commercial project in New Cairo    New Development Bank pledges support for Egypt's development goals    Gaza death toll rises to 37,164, injuries hit 84,832 amid ongoing Israeli attacks    Egypt's Water Research, Space Agencies join forces to tackle water challenges    Egypt, Equatorial Guinea strengthen cooperation in security, trade, infrastructure    Egypt hosts first New Development Bank international forum in New Administrative Capital    New Zealand excludes farming from carbon pricing plan    BRICS proceeds with national currency payment system    Egypt supports development of continental dialogue platform for innovative health sector financing in Africa: Finance Minister    Egypt's Labour Minister concludes ILO Conference with meeting with Director-General    BRICS Skate Cup: Skateboarders from Egypt, 22 nations gather in Russia    Pharaohs Edge Out Burkina Faso in World Cup qualifiers Thriller    Egypt's EDA, Zambia sign collaboration pact    Madinaty Sports Club hosts successful 4th Qadya MMA Championship    Amwal Al Ghad Awards 2024 announces Entrepreneurs of the Year    Egyptian President asks Madbouly to form new government, outlines priorities    Egypt's President assigns Madbouly to form new government    Egypt and Tanzania discuss water cooperation    Grand Egyptian Museum opening: Madbouly reviews final preparations    Madinaty's inaugural Skydiving event boosts sports tourism appeal    Tunisia's President Saied reshuffles cabinet amidst political tension    Instagram Celebrates African Women in 'Made by Africa, Loved by the World' 2024 Campaign    Egypt to build 58 hospitals by '25    Swiss freeze on Russian assets dwindles to $6.36b in '23    Egyptian public, private sectors off on Apr 25 marking Sinai Liberation    Debt swaps could unlock $100b for climate action    Financial literacy becomes extremely important – EGX official    Euro area annual inflation up to 2.9% – Eurostat    BYD، Brazil's Sigma Lithium JV likely    UNESCO celebrates World Arabic Language Day    Motaz Azaiza mural in Manchester tribute to Palestinian journalists    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Market Report: Egypt's Bourse edges up after troubled companies reshuffle executives
Changes among leading personnel and a regional tour by the market's chairman help fuel another day of solid gains
Published in Ahram Online on 17 - 05 - 2011

Egypt's stock market finished Tuesday up 1.49 per cent , in what analysts saw as a result of resignations of top executives at the Bourse's leading listed companies.
The EGX30 continued its upward trend for the third consecutive day as the main index climbed to 5,203, gaining more than 200 points in 48 hours.
Of 183 listed stocks, 105 gained and 65 declined in LE568.8 million worth of stock trades, with all sectors ending on a green note except for industrial goods and services, automobiles and healthcare and pharmaceuticals.
“Changes in the top executive posts in the Bourse's heavyweights gave investors confidence and led to the surge we see in the stock market this week,” said financial analyst Wael El-Nahhas.
Egyptian steel magnate Ahmed Ezz, a top official in the party of ousted president Hosni Mubarak who is being investigated for illegally taking control of al-Dekheila Steel and monopolising Egypt's steel market, quit as chairman of Ezz Dekheila Steel the company said on Monday.
Following the resignation, shares in Ezz Steel, Egypt's largest steel producer which holds a 55 per cent stake in Ezz Dekheila, rose 0.22 per cent, following a 3 per cent increase in yesterday's session.
“Although Ezz was not strongly involved in the company's daily operations, his withdrawal renewed investors' trust,” El-Nahhas said.
Also yesterday, Egyptian business tycoon Naguib Sawiris stepped down as executive chairman of Orascom Telecom, to be replaced by the company's CEO, as the billionaire decided to focus on social and political work. He is “aiming to play a role in the transformation of post-revolution Egypt into a civil democracy", according to a statement.
“Marriage between business and politics always worries investors, and Sawiris' decision killed any worries,” explained El-Nahhas.
Orascom Telecom shares rose 2.17 per cent following the announcement.
Top gainers included Egypt's three main real estate companies -- TMG Holding which surged 8.99 per cent, Palm Hills Development, up 8.67 per cent, and Six of October Development & Investment (SODIC), up 7.77 per cent.
Egyptians and foreigners were net-sellers of LE19.3 million and LE9.8 million respectively.Arabs were the only net-buyers comprising LE29.1 million of the market.
“The Bourse chairman's tour in Gulf Countries resulted in the strong presence of Arabs in today's session, as it helped dispel fears and increase the overall market turnover since Sunday,” said El-Nahhas.
The head of the Egyptian stock exchange Mohamed Abdul Salam has begun a tour of Gulf countries aiming at revitalising trading on Egypt's troubled stock market by attracting more Arab investment.


Clic here to read the story from its source.