Egypt: EGX ends Tuesday's session with collective gains
Arab Finance: The Egyptian Exchange (EGX) closed Tuesday's trading session in the green zone after the EGX30 index climbed by 3.76% to 32,598.55 points.
Likewise, the Sharia-compliant index, EGX33 Shariah index, went up by 3.04% to 3,381.35 points.
Both the EGX70 index and the EGX100 index ended the session higher by 3.39% at 9,610.02 points and by 3.36% at 13,088.48 points, respectively.
EGX's trading value reached EGP 6.267 billion through the exchange of 1.935 billion shares in 128,446 transactions, while the market cap totaled EGP 2.311 trillion.
Arab and foreign traders represented 6.75% and 6.33% of the trading transactions, respectively. The Egyptian investors controlled 86.91%.
Retail investors took over 73.9% of the total trading, while the institutions equaled 26.09%.
Egyptian and foreign investors were buyers with EGP 78.275 million and EGP 31.416 million, respectively. The Arab traders were sellers with EGP 109.69 million.
© 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (Syndigate.info).
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Zawya
14 minutes ago
- Zawya
Mideast Stocks: Most Gulf markets gain on Iran-Israel truce
Most stock markets in the Gulf edged higher on Wednesday, extending gains from previous sessions when they rose sharply following a ceasefire between Israel and Iran. The ceasefire brokered by U.S. President Donald Trump appeared to be holding on Wednesday, a day after both countries signalled that their air conflict had ended, at least for now. Saudi Arabia's benchmark index added 0.1% in choppy trade, helped by a 1% rise in Saudi National Bank, the country's biggest lender by assets. The recent rally was fuelled by reduced geopolitical tensions following the ceasefire, which encouraged investors to return to riskier assets, said George Pavel General Manager at Middle East. Oil prices recovered a little after sliding earlier this week, as investors assessed the stability of the ceasefire, while support also came from data that showed U.S. demand was relatively strong. Traders and analysts also saw some support from market expectations that the Federal Reserve could soon cut U.S. interest rates. The Fed's decision affects monetary policy in the Gulf where most currencies, including the Saudi riyal, are pegged to the U.S. dollar. Dubai's main share index added 0.4%, led by a 1.3% rise in top lender Emirates NBD. In Abu Dhabi, the index finished 0.2% higher. The Qatari index advanced 1.1%, boosted by a 1.8% gain in the Gulf's biggest lender Qatar National Bank. Outside the Gulf, Egypt's blue-chip index climbed 1.2%, hitting its highest since March 2024, with Commercial International Bank closing 1.3% higher. Egypt's prime minister said gas supplies would resume to factories on Friday after being halted in recent days because tensions in the Middle East led to a shortage, a cabinet statement said on Wednesday. SAUDI ARABIA up 0.1% to 10,974 Abu Dhabi rose 0.2% to 9,811 Dubai added 0.4% to 5,613 QATAR gained 1.1% to 10,644 EGYPT up 1.2% to 33,003 BAHRAIN was up 0.5% to 1,921 OMAN lost 0.6% to 4,514 KUWAIT added 0.7% to 8,963
Zawya
44 minutes ago
- Zawya
Mashreq expands global footprint with opening of representative office in Türkiye
Cairo, Egypt: Mashreq, one of the leading financial institutions in the MENA region, has announced the opening of its representative office in Türkiye, reinforcing its long-standing commitment to supporting Turkish financial institutions and corporates. As one of the largest and most active correspondent banks operating in Türkiye, Mashreq has played a vital role in channeling risk capacity and capital flows to Turkish banks and corporates. Mashreq is also a leading Bookrunner on key bond transactions by Turkish borrowers, including capital issuances for prominent Turkish banks. These efforts underscore Mashreq's position as a strategic financial partner, facilitating access to global capital markets and strengthening the financial connectivity between Türkiye and its global partners. The establishment of the Türkiye office follows a period of accelerated engagement between Mashreq and leading Turkish institutions across syndicated loans, trade finance, payments, treasury services, and capital markets. This expansion also aligns with the bank's regional growth strategy and complements its expanding global presence. Ahmed Abdelaal, Group Chief Executive Officer at Mashreq, said: "Our expansion into Türkiye reflects Mashreq's ongoing commitment to building a truly global banking network that connects key economic corridors. Türkiye's strategic location, dynamic economy, and strong trade and investment ties with the UAE present significant opportunities for collaboration. This strategic milestone strengthens our ability to support clients in Türkiye and the broader region with world-class financial solutions, while advancing our vision for sustainable and diversified growth." The UAE and Türkiye are major economic partners, with bilateral trade volumes exceeding US$20 billion in 2024. Under the recently signed Comprehensive Economic Partnership Agreement signed in 2023, non-oil trade is projected to grow significantly, aiming to reach US$40 billion by 2031. Türkiye also ranks among the top three manufacturing hubs in Europe and plays a critical role in regional supply chains. Joel Van Dusen, Group Head of Corporate and Investment Banking at Mashreq, said: "Establishing a representative office in Türkiye reinforces our commitment to supporting a wide spectrum of clients in one of the region's most dynamic and strategically important markets. This on-the-ground presence enables us to deliver more responsive, tailored solutions across trade finance, capital markets, and treasury services. Leveraging Mashreq's digital-first infrastructure and global expertise, we are well-positioned to facilitate cross-border trade, enhance capital access, and contribute meaningfully to Türkiye's financial ecosystem." The Türkiye Representative Office marks another milestone in Mashreq's international journey, expanding the bank's operational presence to 15 countries globally.
Khaleej Times
an hour ago
- Khaleej Times
Israel's gas fields resume operations after shutdown during Iran conflict
Israel's two natural gas fields that supply Egypt and Jordan and were shut down nearly two weeks ago due to the Iran-Israel conflict have resumed operations, partners in the companies said on Wednesday. Two of Israel's three gas fields, Chevron-operated Leviathan and Energean's Karish situated off its Mediterranean coast, provide the bulk of exports to Egypt and Jordan, and have been shut since June 13. That left in operation only the older Tamar field, used mainly for domestic supplies. The halt of Leviathan resulted in a loss in revenue of $12 million, the partners said in a regulatory filing in Tel Aviv citing an initial estimate. They added they intend to examine the possibility of receiving compensation from the state in connection with the cessation of gas production. Energean and NewMed, a partner with Chevron, confirmed that the two fields had started operations after Israel and Iran agreed to a ceasefire on Tuesday, but that process takes many hours. Israel's Energy Ministry said that after a security assessment, the larger Leviathan field and smaller Karish would reopen, leading to the resumption of gas exports, a rise in state tax revenues and greater flexibility in managing the electricity and industrial sectors. Israeli gas accounts for about 15-20% of Egypt's consumption, data from the Joint Organisations Data Initiative shows. The disruption to Israel's gas supply had led Egyptian fertiliser producers to halt operations. Leviathan produces 12 billion cubic metres of gas per year for sale to Israel, Egypt and Jordan. That will rise to some 14 bcm in 2026. Ratio Energies is a partner in Leviathan alongside Chevron and NewMed. Two Egyptian sources told Reuters that imports from Israel were expected to rise gradually, with full operations likely by Saturday. More imports come in the form of liquefied natural gas for regasification in Egypt. But while Egypt currently has three Floating Storage and Regasification Units (FSRUs), only one is operational. The Energos Eskimo FSRU is expected to become operational soon, the sources said. The unit will be moved to the Sumed terminal, where it will be linked to the national gas grid. "It could take around 11 to 23 days for the unit to become fully operational, although the Ministry of Petroleum could try to compress the time needed," one source said.
