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Live updates: Egyptian stock market reopening as it happens

Read updates the minute they come in regarding Egypt’s bourse on Ahram Online

Ahram Online, Wednesday 23 Mar 2011
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13:32 Tamer Mohsen, executive director of the stock exchange, tells Ahram Online that the media campaign to support the market had a positive impact as Egyptians were today's main investors.

13:30 Market closes for day with nine per cent drop in spite of domestic buying spree. As the closing bell rings, the trading floor erupts with applause and cheers.

13:25 Abdel-Salam also said the suspending of trade for heavy-weighted companies from the Ezz Group saved the market from a sharper drop. Ahmed Ezz, group CEO, is currently facing charges of corruption and violating anti-competition law.

13:20 Bourse chairman Mohammed Abdel-Salam tells Ahram Online that foreign investors had practically no impact on today's market. Sigma Securities' website shows foreigners were net sellers, their turnover was LE662 million, representing 7.7 per cent of the market.

Abdel-Salam also said the perfect time to open the market was the day after Mubarak was ousted.

13:19 An analyst interviewed on Nile TV says the government investment fund was implemented too late.

13:00 A half-day trading report from Sigma Securities says the telecom sector is topping the most active list, representing almost 9 per cent of total market activity and following the market's downward movement with the exception of Orascom Telecom, which is rallying 4.76 per cent.

Building materials and construction sectors are also trading negative with two exceptions. Financial sector stocks are similarly trading in the red.

12:59 He also says e-trading will be free until the end of 2011.

12:55 Bourse chairman Mohammed Abdel-Salam announces a new investment fund named Masr el-Mustaqbal (Egypt - The Future) which will be available to all Egyptians, rich and poor, within 48 hours. Certificates will cost LE10 each.

12:35 Bourse chairman tells press conference that decision to reopen the stock market came after  strong participation in Saturday's referendum. He adds that trading will continue and will not be halted and pledges to support all brokerage companies.

12:32 Trade in Ezz Steel, Egypt's largest steelmaker, has been cancelled, according to a statement from the bourse.

12:30 Bourse chairman is holding a press conference now.

12:15 Market will close in 75 minutes. Some investors are gathered in front of the stock exchange headquarters in downtown Cairo, surrounded and cordoned by military police and tanks, which were not present yesterday. The army prevented an Ahram Online reporter from entering the cordon.

12:10 EGX 70, which measures the performance of 70 active companies after excluding the 30 most active constituent-companies of the EGX 30 Index, continues to fall by 8.5 per cent, reaching 491.5 points.

12:05 Mostafa Badra, CEO of EAC Holding, tells Ahram Online that transactions of stakes in companies are behind the large domestic turnover --- some LE1.86bn -- we've been seeing on the stock market this morning.

11:50 Sinai Cement Company stocks rise 9 per cent to LE49.6 after recommendation from investment bank CI Capital and company's announcement it will pay higher dividends than competitors.

11:48 Hazem adds that he expects selling pressure to continue tomorrow and for the next couple of days before the market stabilises.

11:45 Walaa Hazem of HC Securities and Investments tells Ahram Online about the most traded sectors, with buyers focusing, as expected, on telecoms, food/beverages, pharmaceuticals and fertilisers. Sellers are occupied with real estate and steel, "sectors more related to political risk," says Hazem.

11:39 Decline since start of day is 8.9 per cent.

11:30 Stock market index recovers, fuelled by domestic buying spree of LE1.86bn.

11:20 The stock market website is impossible to access - page simply says 'Server too busy'.

11:18 A stock market official tells Reuters they have 'no intention of suspending trading again for the rest of the day'.

11:15 Orascom Telecom rebound by 7 per cent to LE3.9 per share.

11:10 EGX 70 fell 5 per cent.

11:08 Telecom Egypt, Commercial International Bank and Orascom Construction Industries all fell 10 per cent, says Reuters.

11:05 Stock market reopens after half-hour suspension.

10:50 Foreigners represent 50 per cent of sellers, Egyptians the other half. Other Arab investors are absent. 99 per cent of current buyers are Egyptians.

10:40 Stock market suspends trading for 30 minutes as fall in stocks nears 10 per cent.

10:34 Bourse falls 9.93 per cent within minutes of reopening.

10:30 Egypt bourse reopens after 38 days of closure amid investor worries.

 

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