UPDATE: Egypt’s business digest July 21: EGX30 declines by 0.89% on Thur. closing, turnover reaches 423.899m EGP
Traders work at the Egyptian stock exchange in Cairo, Egypt in this August 23, 2015 (Reuters)
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EGX30 declines by 0.89% on Thur. closing, turnover reaches 423.899m EGP

The Egyptian Exchange (EGX) dropped on closing Thursday, the benchmark index EGX30 slid 0.89 percent to close at 7437 points, Youm7 reported.

The small- and medium-sized enterprises (SME) index EGX-70 dipped 0.01 percent to close at 358.05 points, while the broader EGX100 index also dropped by 0.10 percent to reach 763.25 points.

Market capitalization incurred losses worth around 2 billion EGP to record 399.445 billion EGP during the closing session of Thursday.

Turnovers closed at 423.899 million EGP, exchanged through 15,874 transactions.

 

Egyptian Pounds weakens to 12 against dollar on black market amid devaluation possibility

The Egyptian pound dropped on the black market on Thursday reaching 12 EGP against the U.S dollar despite the Central Bank of Egypt (CBE’s) efforts to close the gap between demand and supply, traders told Al Ahram.

The drop, which represents a 35 percent of the CBE’s official rate, came a day after CBE governor Tarek Amer announced a potential devaluation of the pound.

In April, the cabinet had passed draft amendments to a law regulating the foreign exchange market and approved prison sentences for traders selling foreign currency outside the official exchange rate in a bid to curb the black market.

 

Yields rise at Egypt’s Thursday T-bill auction

(Reuters) – Yields on Egypt’s six-month and one-year treasury bills rose at Thursday’s auction, data from the central bank showed.

The average yield on the 182-day bill rose to 15.302 percent from 15.259 percent at the last auction on July 14, and the yield for the 364-day bill rose to 15.743 percent from 15.617 percent.

 

Telecom Egypt in loan talks to fund 4G licence

Telecom Egypt, the country’s state-owned landline monopoly is in talks with banks regarding a 5 billion Egyptian pound ($563.07 million) loan to acquire a 4G licence, banking sources told Reuters on Thursday.

The sources said Etisalat Egypt is also in talks with banks for a 5 billion pound loan to acquire the licence.

The sale of 4G licences is part of Egypt’s long-awaited plan to reform the telecoms sector. Saudi Telecom, Kuwait’s Zain, China Telecom and a European firm have expressed interest in the licence. ($1 = 8.8799 Egyptian pounds).

 

Blumberg says its high-tech silos not used to store Egyptian wheat

(Reuters) – Blumberg Grain said on Wednesday its high-tech silos, the first phase of a wheat storage development project in Egypt, were not used to store any grain in this local harvest season despite being delivered on time.

The announcement comes as Egypt, the world’s largest wheat importer, is investigating alleged fraud in its local purchases of the grain. The general prosecutor said last week that some local wheat was bought by

the government in paper transactions only and not physically delivered.

“Unfortunately, operating the systems during the wheat harvest season was held up by lack of permanent electrical power,” Blumberg said in a statement.

The storage systems of the grain logistics company were expected to process and monitor about a quarter of the domestic crop for the first time in the 2016 season.

 

Egypt to receive $1.5 blm from WB, ADB after applying VAT law

Egypt will receive a liquidity of $ 1.5 billion from the World Bank and the African Development Bank when the House of Representatives will pass the bill of value-added tax, Youm7 reported a governmental official Thursday.

Such liquidity will strengthen the foreign reserves at the Central Bank of Egypt (CBE) and enable it to manage the hard currnecy impact on local markets amid dollar shoratge.

 

CBE puts forwards treasury bills totaling 10.2 b EGP Thursday

The Egyptian Bank of Egypt (CBE) will put forward Thursday Treasury Bills (T-Bills) totaling 10.2 billion EGP. The T-bills are to be offered in two installments; the first valued at 4.7 billion EGP with 182-day term, while the second worth 5.5 billion EGP with a 357-day term.

 

USD exchange rate steady at 8.88 EGP Thursday

The exchange rate of the dollar against the Egyptian pound was steady Thursday, reaching 8.85 EGP for purchase and 8.88 EGP for sale, according to official statement by the Central Bank of Egypt (CBE).

The Euro exchange rate against the EGP reached 9.84 EGP for purchase and 9.86 for sale

On Tuesday, the CBE pumped a total of $120 million to domestic banks, amid the crisis of dollar shortage, Youm7 reported.

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