UPDATE – Egypt’s business digest Sept. 25: EGX closes on varied notes Sunday
Traders work at the Egyptian stock exchange in Cairo, Egypt in this August 23, 2015 (Reuters)

CAIRO: No more browsing from site to site, view the top business news stories on Sept. 25 here:

  

EGX closes on varied notes Sunday

Egyptian stock exchange closed Sunday on varied notes, powered by Arab traders’ purchases, while Egyptians and foreigners were mostly selling.

Market capitalization has lost during today’s session 1.5 billion EGP.

 

Egyptian T-bill yields drop at auction

Yields on Egypt’s three-month and nine-month treasury bills dropped at Sunday’s auction, data from the central bank showed.

The average yield on the 91-day bill dropped to 14.775 percent from 14.921 percent at the previous auction on Sept 18. The 266-day bill’s yield dropped to 16.394 percent from 16.420 percent at the last similar auction.

 

Gulf markets set to start the week down after oil tumbled

 

Oil-sensitive shares in the Gulf are set to start the week on Sunday on a weak footing after oil sunk 4 percent at the end of last week, while Egypt’s index may trade lower after the central bank left key policy rates surprisingly unchanged.

Brent futures tumbled to $45.89 a barrel on Friday on signs Saudi Arabia and Iran were making little progress in achieving preliminary agreement ahead of talks by major crude exporters this week in Algeria aimed at freezing production.

Saudi Arabia’s index which was closed on Thursday because of the kingdom’s national day holiday, may underperform its peers as roughly one-quarter of the total market’s value is made up of oil-related shares.

“Investors will now turn their focus towards the oil producers’ meeting in Algeria this week and the start of the third quarterly results in early October, but the outcome of both events is not looking too positive” said a Jeddah-based portfolio manager.

Egypt’s central bank kept its key interest rates unchanged at a monetary policy meeting on Thursday, confounding a unanimous forecast by analysts that it would hike borrowing costs to curb inflation.

The central bank has already raised key policy rates by a total of 250 basis points this year. Cairo’s main index was down 0.8 percent last week, but is the best performing Middle East index, up 13.0 percent year-to-date.

The government has been pushing through economic reforms including energy subsidy cuts and a value-added tax. Applied this month, the tax is expected to drive up inflation, which hit its highest level for almost eight years in August.

 

CFLD offers $20 bn investments in Egypt over 10 years: Presidential Office

President Abdel Fatah al-Sisi met with chairperson of the China Fortune Land Development Co., Ltd. (CFLD) Zhao Hongjing in the Egyptian Presidential Palace on Saturday, said Presidential Spokesperson Alaa Youssef in a statement.

The CFLD is willing to invest a total of $20 billion over the coming ten years in Egypt, the statement quoted Hongjing, who added that his company aims to build the second phase of Egypt’s Administrative Capital.

Hongjing tackled the company’s plan for the administrative capital, which could include building of a smart village, an industrial eco-friendly zone for the advanced technology, housing city, roads, facilities and other public services.

 

Egypt hosts 2016Projex Africa on Dec. 10-13

The Egyptian Exporters Association (Expolink) chairperson Khaled al Meqati announced Sunday that the association will organize the Future Building and Construction Trade Fair (Projex Africa 2016), which is due to be held in Cairo International Convention Centre on December 10-13, Youm7 reported.

The exhibition will host 100 international senior buyers in Africa and the Middle East, he added, noting that an international conference will be held on the sidelines of the fair.

 

Ministry of Finance auctions 11.5 bl EGP in T-bills Sunday

The Ministry of finance, via the Central Bank of Egypt, will borrow a total of 11.5 billion EGP ($1.2 billion) in treasury bills (T-bills) on Sunday, Youm7 reported.

The auction is divided into two installments; the CBE auctioned 5.5 billion EGP in 266-day-term bills, and 6 billion EGP in 91-day-term bills.

 

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 8.85 for purchase. Euro exchange rate reached 9.95 EGP for purchase and 9.98 EGP for sale.

 

SCA may re-reduce transit fees on bulk, RORO vessels

The Suez Canal Authority studies to re-reduce the transit fees on bulk carriers and roll-on/roll-off  ships, Almal newspaper reported the SCA’s planning department director Nagy Amin on Sunday.

He added that the authority has previously conducted a decrease in transit fees for a total of 44 vessels crossed the canal since June 2016.

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