Egypt’s business digest Oct.7: Supply ministry to pump “large amounts” of Sugar on Sat.: official
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Supply ministry to pump “large amounts” of Sugar on Sat.: official

Egypt contracted to buy 400,000 tons of raw Sugar in a bid to tackle a shortage and price hike of the basic commodity in local markets, Ahmed Kamal, assistant supply minister was quoted by state news agency MENA on Friday.

The ministry will pump “large amounts” of sugar at the market and its outlets on Saturday and will continue crackdown on hoarders and black market traders so that sugar prices are “back to normal,” Kamal said.

During the past few weeks, a price hike and shortage in sugar have been reported in several governorates including Cairo sparking anger amongst shoppers.

 

Egypt’s GDRs remain stable on London bourse on Friday

The global depository receipts (GDRs,) owned by Egyptian companies remained stable at the close of Friday’s trading on London Stock Exchange, Youm7 reported.

The GDRs of Commercial International Bank (CIB) went up by 1.5 percent to hit $3.72,

Meanwhile, the GDRs of EFG Hermes, Edita Food Industries and Orascom Telecom remained unchanged at 1.75, dollars, 15.50 and 0.66 dollars respectively.

 

48 vessels transit Suez Canal on Thursday

A total of 48 vessels have transited the Suez Canal on Thursday, with a total cargo of 2.6 million tons, according to a statement issued by the Suez Canal Authority (SCA) on Friday.

The south-bound convoy included 20 vessels carrying 785,000 tons, while the north-bound convoy included 28 ships carrying 1.815 million tons, according to the statement.

 

Egypt holds intensive talks at IMF, World Bank annual meetings in Washington

An Egyptian delegation has held a number of bilateral and intensive talks at the sidelines of the annual meeting of the International Monetary Fund and the World Bank in Washington D.C.

The delegation includes Governor of Central Bank of Egypt (CBE) Tariq Amer, Minister of Finance Amr el-Garhy and Minister of International Cooperation Sahar Nasr among other Egyptian officials.

 

Egypt signs $500 mln loan with World Bank

Egypt’s Minister of International Cooperation Sahar Nasr signed Thursday a final agreement with the World Bank to receive a $500 million loan to be devoted for development of Upper Egypt.

The agreement was signed during the annual meetings of the World Bank in Washington D.C.

 

USD exchange rate ‘stable,’ reaches 8.88 EGP

The USD exchange rate has been stable against the Egyptian Pound, where it reached Friday 8.88 EGP for sale and 8.83 for purchase. Euro exchange rate reached 9.89 EGP for purchase and 9.97 EGP for sale.

 

Banks, petchems boost Saudi shares, rest of Gulf weak

Saudi Arabia’s stock market continued rebounding on Thursday, led by bank and petrochemical shares, but most markets in the region weakened.

The Saudi index rose 0.8 percent, although trading volume shrank to a modest level, suggesting many investors were staying out of the market.

The banking index, beaten down in past days by news that banks would have to reschedule consumer loans and housing mortgages as government austerity steps cut their customers’ incomes, rose 1.1 percent.

Some petrochemical shares were also strong after Brent oil futures rose as high as $52.09 per barrel overnight, the highest since early June.

National Petrochemical, which had surged 8.2 percent on Wednesday, climbed a further 3.0 percent to 15.60 riyals; NCB Capital and SICO upgraded their views of the stock this week, with targets of 17.30 and 19.00 riyals respectively.

National Industrialisation (Tasnee), which has petrochemical assets, gained 4.0 percent.

But telecommunications firm Zain Saudi pulled back 3.9 percent after rising in the previous two days on hopes it would benefit from deregulation. Many stocks directly exposed to consumer demand continued to slide because of the austerity policies; retailer Al Hokair also fell 3.9 percent.

There was massive trade in Takween’s rights on their last day of trade; the rights sank 37.6 percent as the underlying stock rose 6.4 percent.

Dubai’s index slipped 0.2 percent as shares in Dubai Financial Market fell 2.4 percent. VTB Capital said MSCI might exclude the stock from its MXAE index in its November review, to be announced on Nov. 14, because of its low capitalisation; in order to remain in the index, the stock will have to rise 8 percent by late October, VTB calculated.

Abu Dhabi’s index edged down 0.1 percent while Qatar fell by the same amount. Egypt’s market was closed for a national holiday.

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