CAIRO: Egyptian Finance Minister Youssef Boutros-Ghali said on Monday he expected his country s economic growth to slow to between 4 and 4.5 percent in the 2008/09 fiscal year, from 7.2 percent a year earlier.
The economy of the most populous (...)
CAIRO: Main Egyptian stock indexes gained more than 1 percent on Wednesday, led by small cap shares, as investors seeking bargains lifted global markets from multi-year lows.
Shares in El Kahera Housing rose 3.4 percent to LE 4.57 ($0.81) after (...)
CAIRO: A two-year-old Egyptian boy has contracted the bird flu virus and is in critical condition, the state-run news agency quoted the Health Ministry as saying on Sunday, becoming the 56th case in the Arab country.
The Middle East News Agency (...)
CAIRO: Key Egyptian stock indexes dropped nearly 3 percent on Tuesday in line with global stock markets, which fell as concerns about the world economy and corporate profits intensified.
Traders also said investors were locking up profit on some (...)
CAIRO: The Egyptian central bank cut its key overnight interest rates by 100 basis points, citing a fall in inflation and an expected economic slowdown, the state-run Middle East News Agency (MENA) reported on Friday.
The bank reduced overnight (...)
The Egyptian economy grew slightly below market expectations at an annual 4.1 percent rate in the second quarter of the 2008/09 fiscal year ending in June, compared to 7.7 percent in the same period a year earlier.
Cabinet spokesman Magdy Rady (...)
CAIRO: Egyptian Finance Minister Youssef Boutros-Ghali said on Sunday his country was looking at a serious contraction in economic growth because of the global financial crisis.
All the interaction with the outside world is coming practically to (...)
CAIRO: Shares in Commercial International Bank (CIB) gained 7.31 percent on market expectations of strong full-year earnings, helping Egypt s benchmark stock index rise 1 percent on Wednesday.
Traders said foreign investors helped push the market (...)
CAIRO: Foreign investors snapped up shares of Orascom Construction Industries (OCI), helping Egypt's benchmark stock index rise 0.72 percent on Monday, traders said.
Shares in OCI, Egypt's largest listed builder, last traded 5.94 percent higher (...)
CAIRO: Shares of Orascom Telecom (OT), the biggest Arab mobile phone operator by subscribers, fell 7.6 percent on Tuesday to drag key Egyptian stock indexes down in line with global markets.
Traders said negative sentiment dominated the market (...)
CAIRO: Main Egyptian stock indexes were nearly flat in quiet trade on Sunday, with investors hunting for bargains buying into Orascom Construction Industries (OCI), traders said.
Shares in OCI, Egypt s largest listed builder, rose more than 1 (...)
CAIRO: Egypt s tourism industry, the country s top hard currency earner, has started to feel the pinch of the global financial crisis, with hotel bookings down 30 percent in January 2009 compared to the same month in 2008.
Fathi Nour, chairman of (...)
CAIRO: The Egyptian central bank said on Sunday it was not against easing monetary policy, but would only do this at the right time, raising expectations it may leave key overnight interest rates unchanged this week.
Central Bank Governor Farouk (...)
CAIRO: Profit-taking on mobile phone operator and market mainstay Orascom Telecom (OT) sent the two main Egyptian stock indexes slightly lower on Thursday in light trade, brokers said.
The biggest Arab mobile phone operator by subscribers last (...)
CAIRO: Main Egyptian stock indexes followed European shares higher on Thursday ahead of a long Muslim holiday, with mobile phone operator Mobinil soaring 13 percent.
We were mainly following markets in Europe, said Ashraf Akhnoukh of CIBC (...)
CAIRO: Market rallies in the United States and Asia helped Egypt s benchmark CASE 30 stock index jump nearly 5 percent on Tuesday, with investment bank EFG-Hermes soaring 13.51 percent.
Shares in Egypt s largest investment bank by market value, (...)
CAIRO: Main Egyptian stock indexes snapped an eight-session losing streak to end slightly higher on Sunday, with investors chasing bargain prices on companies including Orascom Telecom.
Shares in the biggest Arab mobile phone operator by (...)
CAIRO: The world economic crisis could lead to a repeat of the unrest that broke out in Egypt earlier this year if the government fails to cushion millions of poor people from its impact.
A new bout of discontent is unlikely to threaten the (...)
CAIRO: Main Egyptian stock indexes followed Arab Gulf markets down on Sunday, with investment bank EFG-Hermes hit after posting a steep decline in third-quarter net profit last week.
Shares in EFG-Hermes fell 6.42 percent to last trade LE 18.50 (...)
CAIRO: Regional mobile phone operator Orascom Telecom rose 5.65 percent on Monday on plans to buy back shares, helping lift main Egyptian stock indexes for the second straight session.
Shares in the biggest Arab mobile phone operator by (...)
CAIRO: Egyptian shares followed global markets higher on Monday after governments across the world took new measures to rescue troubled banks and Egypt s pledge to guarantee lenders and deposits.
Market heavyweight Orascom Construction Industries (...)
CAIRO: Egyptian stocks broke two sessions of massive declines to follow Arab Gulf and international stock markets higher on Thursday, a day after coordinated global interest rate cuts.
Traders said local retail investors were the main force (...)
CAIRO: Turmoil in global equity markets hit Egypt s main stock indexes on Tuesday for the second straight session, traders said, with the benchmark CASE 30 falling nearly 3 percent.
This is just in line with global markets. People are panicked, (...)
CAIRO: Rising food prices drove inflation in urban parts of Egypt above market forecasts to 23.6 percent in the year to August, piling pressure on the central bank to raise interest rates for the sixth time this year.
The figure, a fresh (...)
CAIRO: Egyptian shares rose 1.66 percent on Monday, with Talaat Moustafa Group (TMG) jumping more than 7 percent with investors betting the share price is low relative to future earnings.
Shares in the company, down 50 percent this year to Sunday (...)