UPDATE: Egypt’s business digest Oct. 23: EGX shows mixed performance, market cap loses 1b EGP
International Cooperation Minister Sahar Nasr
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CAIRO: No more browsing from site to site, view the top business news stories on Oct.23 here:

EGX shows mixed performance, market cap loses 1b EGP

The Egyptian Exchange (EGX) closed on mixed note at the Sunday’s trading session amid sales by Arab and foreign investment funds and purchases by Egyptian investors, Youm7 reported.

The main benchmark index EGX30 went down 0.04 percent to close at 8,274 points.

Meanwhile, the small and medium caps index EGX70 went up 0.01 percent to close at 335 points, similarly, the broader index EGX100 edged up 0.22 percent to close at 793 points.

The market capitalization lost about one billion EGP to close at 407.6 billion EGP.

 

Egypt signs 3 deals with EIB bank

International Cooperation Minister Sahar Nasr on Sunday signed an agreement with European Investment Bank (EIB) Vice-President Dario Scannapieco to provide Egypt with 13 trains for the second line of the underground metro, Youm7 reported.

During his visit to Cairo, Scannapieco also signed a 500 million Euro agreement with head of the National Bank of Egypt to fund small and medium enterprises and development projects in several Egyptian governorates, particularly in Upper Egypt.

The signing was attended by Prime Minister Sherif Ismaiel.

 

More Indian investments to be pumped in Egypt in 2017

More Indian investments worth 50 million EGP will be pumped into the field of seed production in Egypt during the year 2017, according to a press statement by the Indian Embassy in Cairo.

Raman K Shjal director of an Indian company based in Egypt said in the statement that the company seeks to increase its potentials by purchasing new lands to be used in research and building a seed-sifting plant.

 

EGX opens Sunday session at collective rise

The Egyptian Stock Exchange (EGX) opened Sunday session at a collective rise of its indexes, Youm7 reported.

The main EGX30 rose by 0.28 percent; EGX50 rose by 0.21 percent, EGX20 jumped by 0.48 percent, EGX70 increased by 0.38 percent and EGX100 rose by 0.42 percent.

 

$7 bln decline in Egypt’s imports represent ‘great opportunity’ for Egyptian industries: Minister

A significant decline in Egypt’s imports during the past 10 months has helped to treat deficit in trade balance by $8 billion, Minister of Trade and Industry Tareq Qabil announced.

Qabil added that the sharp decline ($7 billion) represents a great opportunity for Egyptian industries to replace its imported counterpart.

On the other hand, Qabil cited an increase in the size of Egypt’s exports during the same period.

 

Orange Egypt for Telecommunications posts 9-month standalone net loss of EGP 40.2 mln

(REUTERS): Nine-month standalone net loss after tax EGP 40.2 million versus net profit after tax EGP 73.3 million year ago.

Nine-month standalone revenue EGP 8.38 billion versus EGP 8.04 billion year ago

 

Egypt Free Shops Co Q1 standalone net profit falls

(REUTERS): Q1 standalone net profit EGP 11.4 million versus EGP 14 million year ago

Q1 standalone operating revenue EGP 81.5 million versus EGP 85.4 million year ago

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