Egypt Stock Exchange Retreats 3.5%

A man counts Egyptian pounds outside a bank in Cairo, Egypt October 24, 2016. REUTERS/Mohamed Abd El Ghany/File Photo
A man counts Egyptian pounds outside a bank in Cairo, Egypt October 24, 2016. REUTERS/Mohamed Abd El Ghany/File Photo
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Egypt Stock Exchange Retreats 3.5%

A man counts Egyptian pounds outside a bank in Cairo, Egypt October 24, 2016. REUTERS/Mohamed Abd El Ghany/File Photo
A man counts Egyptian pounds outside a bank in Cairo, Egypt October 24, 2016. REUTERS/Mohamed Abd El Ghany/File Photo

The Egyptian stock exchange retracted Monday, amid huge selling purchases by Egyptian and Arab investors. Egypt index dropped 3.55 percent, closing at 13604.01 points – this is the least level since October of last year.

The net foreign purchases during Monday’s session reached EGP52 million, noted the Egyptian stock exchange Monday. The total of purchases during the session exceeded EGP203 million.

Economist Sharif Henry said that there is no major reason behind the collapse of the stock, but he expected the current underwritings such as Cairo For Investment & Real Estate Development and Sarwa Capital, not to mention the scheduled public offerings had a negative influence on the value and volume of stock in Egypt.

Henry told Asharq Al-Awsat that the value of public offerings will exceed 10-15 percent of the shares’ prices. He attributed this to investors’ liquidation of funds for these offerings.

He pointed to the volume of underwritings covered lately (Cairo For Investment & Real Estate Development and Sarwa Capital), expecting that a part of these underwritings' funds came from the stock which pushed shares hugely.

This coincides with a time when the Central Bank of Egypt said that the country’s net foreign reserves rose to $44.459 billion at the end of September 2018, compared to $44.419 billion at the end of July.

Egypt’s external debt increased 19.3 percent on an annual basis to USD88.2 billion end of March.



Al-Falih: Saudi-US Investment Forum Consolidates the 2 Countries’ Partnership

Saudi Investment Minister Khalid al-Falih speaks at the forum. Asharq Al-Awsat
Saudi Investment Minister Khalid al-Falih speaks at the forum. Asharq Al-Awsat
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Al-Falih: Saudi-US Investment Forum Consolidates the 2 Countries’ Partnership

Saudi Investment Minister Khalid al-Falih speaks at the forum. Asharq Al-Awsat
Saudi Investment Minister Khalid al-Falih speaks at the forum. Asharq Al-Awsat

Saudi Investment Minister Khalid al-Falih said Tuesday the Saudi-US Investment Forum consolidates the partnership between the two countries.

Al-Falih praised US-Saudi relations as he spoke at the Forum held in Riyadh.

“Our bilateral relationship is one of the world’s most significant geostrategic bonds, with economic cooperation and business partnerships at its core, and serves as a force for peace and global prosperity,” he said.

He reiterated a pledge by the Saudi Crown Prince to see investment in the US of $600 billion over the next four years.

The Forum is being held on the occasion of US President Donald Trump’s visit to the Kingdom.