UPDATE: Egypt’s business digest Aug. 21:Egypt bourse closes on mixed note, gains 1.6b EGP
Traders work at the Egyptian stock exchange in Cairo, Egypt, December 3, 2015. REUTERS/Mohamed Abd El Ghany
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CAIRO: No more browsing from site to site, view the top business news stories on August 21 here:

Egypt bourse closes on mixed note, gains 1.6b EGP

The Egyptian Exchange (EGX) closed on mixed note on Sunday trading, the benchmark index EGX30 inched up 0.42 percent to close at 8,352 points.

The market capital achieved gains worth 1.6 billion EGP to reach EGP 418.2 billion, after transactions surpassed 538 million EGP.

The small and medium caps index EGX70 went down 0.04 percent to close at 365 points, while the broader index EGX100 inched up 0.16 percent to close at 812.02 points.

 

Egypt T-bill yields mixed at Sunday’s auction

(Reuters) – Yields on Egypt’s three-month treasury bills dropped while yields on the nine-month bills rose at Sunday’s auction, data from the central bank showed.

The average yield on the 91-day bill dropped to 14.035 percent from 14.154 percent at the last auction on August 14. The 273-day bill rose to 15.969 percent from 15.889 percent at a similar auction a week ago.

 

Egypt sees eurobond yield at 5.5-6 pct for Sept/Oct issuance

(Reuters)-Egypt expects its eurobond issuance at the end of September or early October to have a yield between 5.5 percent and 6 percent, Deputy Finance Minister for fiscal policies Ahmed Kojak told Reuters on Sunday.

Egypt’s government this month approved plans for international issuance of between $3 billion and $5 billion.

Last week Egypt appointed JPMorgan, Citi, BNP Paribas and Natixis to lead manage its international bond offering.

“We aim to issue eurobonds worth $3 billion with interest rates ranging between 5.5 and 6 percent and with maturity of five to ten years,” Kojak said.

“If we find great appetite and demand from investors for this issuance and at appropriate prices then we could increase the amount issued and we can lower the cost of the issuance if the interest rate prices offered are high,” he said.

 

EGX indexes continue to rise during mid-session 

The Egyptian Exchange indexes have continued to increase during the mid-session of Sunday, powered by local and Arab purchases, while foreigners were mostly selling.

The market capitalization has gained around 1.5 billion EGP half an hour after the beginning of the session.

 

Egypt sees eurobond yield at 5.5-6 pct for Sept/Oct issuance – REUTERS

(REUTERS): Egypt expects its eurobond issuance at the end of September or early October to have a yield between 5.5 percent and 6 percent, Deputy Finance Minister for fiscal policies Ahmed Kojak told Reuters on Sunday.

Egypt’s government this month approved plans for international issuance of between $3 billion and $5 billion.

Last week Egypt appointed JPMorgan, Citi, BNP Paribas and Natixis to lead manage its international bond offering.

“We aim to issue eurobonds worth $3 billion with interest rates ranging between 5.5 and 6 percent and with maturity of five to ten years,” Kojak said.

“If we find great appetite and demand from investors for this issuance and at appropriate prices then we could increase the amount issued and we can lower the cost of the issuance if the interest rate prices offered are high,” he said.

 

USD exchange rate ‘stable,’ reaches 8.88 EGP

The USD exchange rate has been stable against the Egyptian Pound, where it reached Saturday 8.88 EGP for sale and 8.86 for purchase.

 

Ministry putting final touches to long-awaited investment law

A source at the Ministry of Investment said that amendments to the investment law are at the final stages, and that the law is expected to be sent to the cabinet within the coming month for decision.

 

Egypt’s rebar production down by 17% in 2013-2014: CAMPAS

Egypt’s production of rebar (reinforcing steel) has decreased by 17 percent during the financial year 2013-2014, according to a report issued by the Central Agency for Public Mobilization and Statistics (CAPMAS.)

The report also said that the country’s production of vegetable oil and margarine has increased by 41.1 percent during the same period.

 

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