UPDATE: Egypt’s business digest Sept. 15: Collective decline in Egypt bourse indices on Thursday closing
The Egyptian Exchange (EGX) - YOUM7 (Archive)


CAIRO: No more browsing from site to site, view the top business news stories on Sept. 15 here:

Collective decline in Egypt bourse indices on Thursday closing

The Egyptian Exchange (EGX) indices shut on Thursday’s session collectively down, backed by share sales of foreign investors, Youm7 reported.

Main index, EGX30 dropped 1.89 percent to close at 7979.25 points, while Mid- and small-cap index EGX70 dropped 0.49 percent close at 356.56 points.

Price index, EGX100 were also lower by 0.91 percent to close at 808.63 points.

Market capitalization lost 5.2 EGP ($585.5 million) to record 412.708 billion EGP during the closing session of Thursday.


Romani’s Cerealcom Dolj asks Egypt to pay back $500,000 amid ergot dispute

Romanian grain trading house Cerealcom Dolj said it has asked Egypt to return $500,000 it put down as guarantee for wheat supplies it can no longer ship due to new rules about ergot fungus content allowed, Bloomberg reported on Wednesday.

Mihai Andrei Anghel, responsible for international trading at Cerealcom said that the company’s agent in Cairo asked Egypt’s General Authority for Supply Commodities to get back the amount after Egyptian inspectors at the port of Constanta insisted on supplies free from ergot.

Gov’t allocates 1.6 bln in new investment southern Port Said

Egyptian government has allocated 1.6 billion EGP (around $180 million) in new investments in an industrial zone southern Mediterranean city of Port Said, Youm7 reported Port Said governor Adel el Ghadban on Thursday.

A total of 108,000 meter square has been allocated to establish a set of new projects that would provide 6,620 job opportunities.


MIDEAST STOCKS-Egypt drops in holiday-thinned trade

(Reuters) Egypt’s stock market fell in very thin trade on Wednesday with many investors absent for Eid al-Adha holidays, while bourses in the Gulf stayed closed.

The Egyptian index dropped 0.7 percent in its lowest daily trading volume this year, as the market reopened after being shut for three days. Since Egypt last traded, MSCI’s emerging market index had slipped 4.6 percent.

Eight of the 10 most heavily traded Egyptian stocks fell on Wednesday with Global Telecom losing 1.7 percent. Oriental Weavers jumped 3.1 percent.

Misr Fertilisers, which last Wednesday became the first state company in over 10 years to list its shares, plunged its 10 percent daily limit to 32.49 Egyptian pounds. On Wednesday it closed at 39.69 pounds, up from its initial public offer price of 10 pounds, and has been pulling back since then.


Egypt sign contracts with 18 Mediterranean companies on eco-technology

The Information Technology Industry Council has signed a group of contracts with 18 companies on a program of transporting the eco-technology among the Mediterranean countries   over August, the council member Hanan al Hadari told Youm7 on Thursday.


Egyptian pound steady at Thursday auction

The Central Bank of Egypt has kept the pound steady against the US dollar at its official foreign currency auction on Thursday, with the unchanged rate of 8.88 per dollar, data from the bank showed.

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