🇪🇬 Egyptian Exchange

The Egyptian Exchange continued to rally for the second session running on Monday 22/7/2013 powered by extensive purchases by Arab and Egyptian investors hopeful of an economic improvement after the arrival of the first tranche of a Saudi aid worth two billion dollars following the UAE delivery on a promised three-billion-dollar assistance.

The Egyptian Exchange (EGX) has approved the listing of the 23rd company on Nilex (The Nile Exchange), the EGX market for growing medium and small companies. A meeting of the listing committee on 17 January approved to list the shares of Al Fanar Contracting Construction Trade Import And Export Co, which has 8 million shares, at a par value of EGP1.00 (USD0.15) each, according to the Nilex news feed. The shares were due to be added to the database with effect from 20 January but were not to be traded until the company and its Nominated Advisor comply with listings requirements.

The Egyptian Stock Exchange (ESE) recorded the highest third daily losses in its history at the closing of trading on Sunday with its market capital losing LE29.3 billion.

Egyptian private equity firm Citadel Capital plans to invest $4 billion or more in Egypt over the next three years and has an eye on infrastructure and energy-related projects, its chairman said on Tuesday.