Egypt’s business digest Aug. 17:Egypt’s stocks fall slightly on Wednesday open due to profit taking
Traders work at the Egyptian stock exchange in Cairo, Egypt in this August 23, 2015 (Reuters)
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CAIRO: No more browsing from site to site, view the top business news stories on August 17 here:

 

Egypt’s stocks fall slightly on Wednesday open due to profit taking

The Egyptian Exchange (EGX) opened Wednesday’s session collectively down, hurt by profit taking, Youm7 reported.

The main benchmark index EGX30 declined by 0.04 percent while the Mid- and small-cap index EGX70 dropped 0.08 percent, while the price index, EGX100 declined by 0.07 percent.

 

Egypt’s production of ethan propane mixture soars by 19% in July

Egypt’s production of ethan propane mixture increased by 19 percent in July to reach 67,900 tons, compared to 57,000 tons during the same period a year earlier, Sources at the Egyptian Natural Gas Holding Company told Youm7 on Wednesday.

The average daily production reached 2,262 tons in June this year compared to 1,842 tons a month earlier, according to the source.

The company produces the ethan propane mixture, used to produce ethylene, polyethylene, butadiene, and other derivatives, from its Western Sahara gas complex in Alexandria.

On Saturday, President Abdel Fatah al Sisi inaugurated the long planned complex of the Egyptian Ethylene & Derivatives Co. (Ethydco.)

The new plant is expected cover 45 percent of Egypt’s domestic market needs of ethylene, high-density and low-density polyethylene, butadiene, and other derivatives, Petroleum Minister Tarek al Mulla was quoted by Youm7.

 

Egyptian pound steady at Wednesday auction

The Central Bank of Egypt has kept the pound steady against the US dollar at its official foreign currency auction on Wednesday, data from the bank showed.

The bank sold $118 million at the unchanged rate of 8.88 per dollar.

 

Egypt to sign $2.4m grant agreement with MENA transition fund

International Cooperation Minister Sahar Nasr will sign a cooperation protocol on a grant worth $2.4 million with officials from the Middle East and North Africa Transition Fund on Wednesday, Youm7 reported.

The grant aims to support the implementation of sustainable development projects carried out by the country’s private sector. It is also funded by the European Bank for Reconstruction and Development (EBRD,) a well-informed source told Youm7.

The fund aims to improve the lives of citizens in transition countries, and to support the transformation currently underway in several countries in the MENA.

 

Egypt’s telecom regulator to send out final 4G licence terms on Sunday

(Reuters)-Egypt’s telecoms industry regulator has approved the final terms for 4G mobile broadband network licences and will send the forms out to licensee companies on Sunday, a senior official at Egypt’s Telecommunications Ministry told Reuters.

“The telecom regulator approved the final terms of the 4G licences yesterday,” the official said, adding that companies would have until midday on Sept. 22 to accept them.

The official said that while the companies that obtain the licences will be granted additional frequencies there will be no change in the pricing or the condition that 50 percent of the payment must be made in U.S. dollars.

 

146 vessels transit Suez Canal in 3 days: SCA

A total of 146 vessels carrying 8.4 million tons of cargo have transited the Suez Canal Sunday through Tuesday, Youm7 reported citing a statement issued by the Suez Canal Authority.

The number of ships transiting the canal from the Northern Port Said entrance reached 86, with a daily average of 28.7 ships, according to the statement.

The number of vessels that passed through the Southern Suez Canal entrance reached 60, with a daily average of 20 ships.

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