UPDATE: Egypt’s business digest Sept. 29: EGX closes on negative note on Thursday
Egyptian Exchange - YOUM7 (Archive)


CAIRO: No more browsing from site to site, view the top business news stories on Sept. 29 here:

EGX closes on negative note on Thursday

The Egyptian Exchange (EGX) closed on negative note on Thursday on selling activity by retail investors, Youm7 reported.

The benchmark index EGX30 lost 0.34 percent to close 7,881.1 points, while the mid- and small-cap index EGX70 rose 0.81 percent to close at 351.6 points. Similarly, the broader index EGX100 grew 1.03 percent to close at 790.26 points.

The market capitalization increased by 796 billion EGP to close at 404.8 million EGP.


Eni agrees renewable energy deal with Egypt

(Reuters)-Italian oil major Eni has agreed a common strategy with Egypt to build renewable energy projects in the country, the company said on Thursday.

The first project will be a solar plant in Sinai with a maximum output of 50 megawatts. Construction is expected to be sanctioned next week and completed by the end of 2017.

The project is part of Eni’s push into green energy, with the aim of bringing 420 megawatts of mostly solar power generation online by 2022.

Eni, the owner of the massive Zohr gas field expected to start production next year, currently produces about 210,000 barrels of oil equivalent per day in Egypt.


Egypt M2 money supply up 18.3 pct year-on-year in August – central bank

Egypt’s M2 money supply was up 18.3 percent at the end of August from a year earlier, the central bank said on Thursday.

The money supply stood at 2.15 trillion Egyptian pounds ($242.12 billion), it said. Following is a table of the latest Egyptian M2 money supply figures in trillions of Egyptian pounds, according to the central bank’s website.


23.8% increase in investment loans granted to farmers in 2014/2015: CAPMAS

Egypt’s number of Agricultural Cooperative associations reached 5,795 in 2014/2015, compared with 5,786 associations in 2013/2014, an increase of 0. 2%, said the Central Agency for Public Mobilization and Statistics (CAPMAS) on Thursday.

“The total investment loans (short, medium, long term ) that’s granted to farmers reached 11.1 billion pounds in 2014/2015 versus 9.0 billion pounds in 2013/2014 , an increase of 23.8% ,” the agency said in a report.


Egypt General Petroleum seeks 177,000 T of gasoil for October

(Reuters) – Egyptian General Petroleum Corp (EGPC) is seeking 177,000 tons of gasoil for delivery into Suez, Alexandria and El Dekheila in October, two tender documents showed on Thursday.

The company is seeking three cargoes of 35,000 to 37,000 tons each of 0.1 percent sulphur gasoil for delivery into Suez over Oct. 4 to 6, Oct. 11 to 13 and Oct. 15 to 17.

The tender closes on Sept. 30, with same-day validity.

It is also seeking two cargoes of 30,000 to 33,000 tons each of 0.1 percent sulphur gasoil for delivery into Alexandria or El Dekheila over Oct. 1 to 3 and Oct. 6 to 8.


Egypt’s Orascom Construction board sets share buyback price

(Reuters) – The board of Egypt’s Orascom Construction approved the buyback of 1 million shares at a price of 74.05 Egyptian pounds ($8.34) per share, the firm said on Thursday.

“The board of directors has approved the purchase of 1,000,000 shares at a price of 74.05 per share through an offer only to shareholders who hold their shares on the Egyptian Exchange,” it said in a statement.

Shareholders approved the buyback and subsequent capital reduction at an extraordinary General Meeting on Sept. 28. The company said the buyback offer will commence once final regulatory approvals are obtained.

($1 = 8.8799 Egyptian pounds)


Egypt wants second tranches of World Bank, ADB loans by year-end -PM

(Reuters) Egypt wants to receive the second tranches of World Bank and African Development Bank (ADB) loans before the end of this year, Prime Minister Sherif Ismail told Reuters on Thursday.

Egypt received $1 billion earlier this month, the first tranche of a $3 billion three-year loan from the World Bank aimed at supporting the government’s economic reform program.

It also received $500 million from the ADB, the first tranche of a $1.5 billion package. It is due to receive the second $500 million tranche by the end of the year.

Asked if the second tranches would be received before the end of the year, “we are seeking for it to (arrive) before then,” Ismail said.


USD exchange rate ‘stable,’ reaches 8.88 EGP

The USD exchange rate has been stable against the Egyptian Pound, where it reached Thursday 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.

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