UPDATE: Egypt business digest Sept. 4: Egypt purchases 50k tons of Brazilian raw sugar; EGX closes at collective rise, gains 2.5 bln EGP
packet of sugar

CAIRO: No more browsing from site to site, view the top business news stories here:


EGX closes at collective rise, gains 2.5 bln EGP

The Egyptian Stock Exchange closed Sunday at a collective rise of indexes, powered by Arab and foreign purchases, while Egyptians were mostly selling.

The market capitalization gained 2.5 billion EGP at the end of transactions.


Egypt purchases 50k tons of Brazilian raw sugar

The General Authority for Supply Goods in Egypt has purchased 50,000 tons of Brazilian raw sugar for $491.5 per ton.

The consignment is scheduled to arrive in Egypt October 15-30.

An official at Supply Ministry stated last week that Egypt is planning to purchase 450-550 thousand tons of sugar from local and foreign markets to meet public needs by the end of February 2017.


Egypt’s Eastern Company board approves $84 mln capital hike

The board of Egypt’s top cigarette maker Eastern Company approved a capital hike of 750 million Egyptian pounds ($84 million) on Sunday through the distribution of one free share per existing original share.

This would bring the company’s issued capital to 1.5 billion Egyptian pounds from 750 million and its authorised capital up to 3 billion from 1.5 billion, it said in a statement to the Cairo stock exchange.


Egypt Exchange opens on positive note

The Egyptian Exchange (EGX) indices advanced collectively in Sunday’s session early trade, as the benchmark index EGX30 added 0.09 percent, Youm7 reported.

The small and mid-caps index EGX70 inched up 0.01 percent while the broader index EGX100 also went up 0.03 percent.

The market’s benchmark declined to 8,136 points on Thursday closing.


CBE offers treasury bills worth 11.2b EGP

The Central Bank of Egypt (CBE) put forward treasury bills worth 11.2 billion EGP ($1.24b) on behalf of the Ministry of Finance on Sunday, Youm7 reported.

The bank plans to issue 91-days and 273-days treasury bills worth 5.7b EGP and 5.5b EGP respectively.

The state’s budget deficit is projected to reach 322b EGP by the end of the 2016-2017 Fiscal Year. The deficit is reimbursed by the CBE, which offers bonds and other forms of government credits on behalf of the finance ministry.


CBE to pump $120 to banks on Tuesday

The Central Bank of Egypt (CBE) announced plans to pump $120 million to local banks on Tuesday after merging three weekly auctions into one.

The move comes amid expectations of devaluation of the Egyptian Pound against the US dollar during the next period and closure of about 50 foreign exchange bureaus.

The CBE said in a press release it will continue its crackdown on foreign exchange bureaus and black market traders allegedly involved in manipulating and speculating on the prices of foreign currencies.

A total of 53 foreign exchange bureaus have been closed since the start of the year, CBE Deputy Governor Gamal Negm was quoted by Youm7 last month.


Telecommunication tops Egypt bourse sector traded last week

Telecommunication sector has captured the highest volumes traded in Egypt’s stock exchange last week, Youm7 reported.

The sector’s trading volume totaled 410.2 million EGP, while financial service sector came in second place with trading volume stood at 408.6 million EGP.


CBE governor participates in UN sustainable stock exchanges global dialogue

Central Bank of Egypt Governor Tarek Amer headed to Singapore on Sunday to take part in the United Nations  Sustainable Stock Exchanges Global Dialogue (SSE,) scheduled to kick off in Singapore Monday, Youm7 reported.

The event, which is held every two years, is global gathering aims to bring together market leaders to analyze, promote and foster communication on stock exchanges’ sustainability initiatives and discuss ways to achieve sustainable capital markets.

Recommend to friends

Leave a comment