Egypt's stock market advanced to the highest level in more than two weeks amid low turnover and steady foreign investment in shares deemed attractive.
The EGX 30 Index rose 2.6 per cent yesterday to close at 5,149.68 points, the highest level since November 22. Foreign investors bought shares after opposition parties agreed to vote in the referendum after a week of continued protests near Mohammed Morsi's presidential palace demanding revocation of the constitution.
"The agreement by the opposition to participate, even with a 'no' vote was the main reason why the market is up today," said Wafik Dawood, the head of institutional equity sales at Mega Investment Securities in Cairo. "I think the move is slightly exacerbated on low volumes and thin offers," he added.
About 470 million Egyptian pounds were traded yesterday, compared with a 20-day average of 300m pounds.
"Investors looking for long-term value investment consider this a decent entry point irrespective over the backdrop and what happened last night,"said Julian Bruce, the director of institutional equity sales at EFG Hermes.
In the UAE, the Abu Dhabi Securities Exchange General Index lost 0.5 per cent to 2603.64, while the Dubai Financial Market General Index slipped 0.09 per cent to 1,587.45.
Elsewhere in the region: Kuwait's measure added 0.1 per cent to 5932.30; Qatar's QE Index added 0.1 per cent to 8345.97; Oman's MSM 30 Index gained 0.4 per cent to 5,649.08; Bahrain's index added 0.1 per cent to 1,046.55.
The Saudi Tadawul All-Share Index moved 0.1 per cent to 6,769.96.
halsayegh@thenational.ae
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UAE currency: the story behind the money in your pockets
The biog
Hobby: Playing piano and drawing patterns
Best book: Awaken the Giant Within by Tony Robbins
Food of choice: Sushi
Favourite colour: Orange
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
Killing of Qassem Suleimani
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Places to go for free coffee
- Cherish Cafe Dubai, Dubai Investment Park, are giving away free coffees all day.
- La Terrace, Four Points by Sheraton Bur Dubai, are serving their first 50 guests one coffee and four bite-sized cakes
- Wild & The Moon will be giving away a free espresso with every purchase on International Coffee Day
- Orange Wheels welcome parents are to sit, relax and enjoy goodies at ‘Café O’ along with a free coffee
Tree of Hell
Starring: Raed Zeno, Hadi Awada, Dr Mohammad Abdalla
Director: Raed Zeno
Rating: 4/5
More on Quran memorisation:
Another way to earn air miles
In addition to the Emirates and Etihad programmes, there is the Air Miles Middle East card, which offers members the ability to choose any airline, has no black-out dates and no restrictions on seat availability. Air Miles is linked up to HSBC credit cards and can also be earned through retail partners such as Spinneys, Sharaf DG and The Toy Store.
An Emirates Dubai-London round-trip ticket costs 180,000 miles on the Air Miles website. But customers earn these ‘miles’ at a much faster rate than airline miles. Adidas offers two air miles per Dh1 spent. Air Miles has partnerships with websites as well, so booking.com and agoda.com offer three miles per Dh1 spent.
“If you use your HSBC credit card when shopping at our partners, you are able to earn Air Miles twice which will mean you can get that flight reward faster and for less spend,” says Paul Lacey, the managing director for Europe, Middle East and India for Aimia, which owns and operates Air Miles Middle East.
Brief scores:
Toss: Sindhis, elected to field first
Pakhtoons 137-6 (10 ov)
Fletcher 68 not out; Cutting 2-14
Sindhis 129-8 (10 ov)
Perera 47; Sohail 2-18
Founders: Ines Mena, Claudia Ribas, Simona Agolini, Nourhan Hassan and Therese Hundt
Date started: January 2017, app launched November 2017
Based: Dubai, UAE
Sector: Private/Retail/Leisure
Number of Employees: 18 employees, including full-time and flexible workers
Funding stage and size: Seed round completed Q4 2019 - $1m raised
Funders: Oman Technology Fund, 500 Startups, Vision Ventures, Seedstars, Mindshift Capital, Delta Partners Ventures, with support from the OQAL Angel Investor Network and UAE Business Angels
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