Egypt’s business digest Nov. 13: Egypt’s repay of IMF loan starts after 4.5 yrs; EGX opens Sunday session at positive note
IMF general director Christine Lagarde - AFP/Saul Loeb

CAIRO: No more browsing from site to site, view the top business news stories on Nov.13 here:



EGX opens Sunday session at positive note

Egyptian Stock Exchange started Sunday session with a collective increase of all indexes, Youm7 reported.

Main index EGX30 rose by 3.12 percent; EGX50 increased by 3.2 percentl EGX20 jumped by 3.13 percent; EGX70 rose by 2.13 percent and EGX100 increased by 2.05 percent.


Egypt’s repay of IMF loan starts after 4.5 yrs

Ministry of Finance announced Sunday that Egypt will begin repaying the IMF loan after a grace period of 4.5 years.

According to the ministry’s statement, the loan will be redeemed on 12 equal payments over 10 years.


Ajwa for Food Industries Egypt posts Q3 standalone net loss EGP 1.5 mln

Nov 13 Ajwa For Food Industries Co Egypt Sae:

* Q3 standalone net loss EGP 1.5 million versus net profit EGP 8.8 million year ago.

* Q3 standalone net sales EGP 42.8 million versus EGP 41.9 million year ago.


MIDEAST STOCKS-Emerging market weakness, lower oil may hit regional shares

Nov 13 Stock markets in the Middle East may pull back on Sunday in line with other emerging market equities, while a retreat in oil prices may add downside pressure.

The MSCI emerging markets index fell 2.9 percent on Friday while Brent crude oil settled down at $44.75 per barrel, off 2.4 percent. It had reached a low of $44.19, the lowest since August.

Gulf bourses that are most exposed to foreign fund flows, including Dubai and Qatar, could pull back in response, while Saudi Arabian petrochemical may could see profit-taking because of weak oil.

Egypt’s main index has soared 25 percent since the central bank floated the currency on Nov. 3, with foreign investors buying relatively aggressively in the latter half of last week, sending the index to fresh eight-year highs in record trading volumes.

However, Egyptian pound values of local blue chips have now largely caught up with their global depositary receipts – Commercial International Bank’s last close of 67.22 pounds, for example, works out to a GDR price of $4.10 at an exchange rate of 16.40 pounds to the dollar, compared to the GDRs’ last close of $4.18.

That suggests the easiest part of the Egyptian stock market’s rally in response to the currency float, the revaluation of blue chips, may be ending.

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