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GMC GROUP FOR INDUSTRIAL COMME   1.29        Telecom Egypt   11.48        Ismailia Misr Poultry   2.45        El Arabia for Investment & Dev   0.34        Modern Company For Water Proof   1.03        Egyptian Real Estate Group   6.85        Pioneers Holding   2.84        Ezz Steel   7.86        Rakta Paper Manufacturing   4.39        Orascom Telecom Holding (OT)   3.92        Naeem Holding   0.19        Egyptian Iron & Steel   6.87        Misr Chemical Industries   5.65        United Arab Shipping   0.43        Egyptians Housing Development    1.94        Universal For Paper and Packag   4.94        Northern Upper Egypt Developme   4.93        Canal Shipping Agencies   7.39        Egyptian for Tourism Resorts   0.69        Modern Shorouk Printing & Pack   7        Upper Egypt Contracting   0.8        Egyptian Financial Group-Herme   7.42        Orascom Construction Industrie   240.82        Heliopolis Housing   21.65        Raya Holding For Technology An   4.57        United Housing & Development   8.93        International Agricultural Pro   2.1        Gulf Canadian Real Estate Inve   18.08        Alexandria Pharmaceuticals   45.71        Arab Cotton Ginning   2.46        Egyptian Chemical Industries (   7.26        National Real Estate Bank for    11.84        Six of October Development & I   15.03        National Development Bank   6.72        Oriental Weavers   20.66        Arab Gathering Investment   16.29        Egyptians Abroad for Investmen   2.75        Palm Hills Development Company   1.61        Credit Agricole Egypt   9.04        Remco for Touristic Villages C   2.13        Commercial International Bank    29.87        El Ezz Porcelain (Gemma)   1.9        Egyptian Starch & Glucose   5.4        Arab Real Estate Investment (A   0.41        South Valley Cement   3.12        Citadel Capital - Common Share   2.5        Union National Bank - Egypt "    3.25        Ceramic & Porcelain   2.88        Rowad Tourism (Al Rowad)   5.05        El Nasr Transformers (El Maco)   4.78        Egyptian Media Production City   2.31        GB AUTO   27        Sharkia National Food   3.78        Egyptian Transport (EGYTRANS)   7.85        El Kahera Housing   4.97        El Shams Housing & Urbanizatio   2.45        Egyptian Kuwaiti Holding   0.7        ARAB POLVARA SPINNING & WEAVIN   2.11        Cairo Poultry   8.32        Egyptian Financial & Industria   8        T M G Holding   4.03        Asek Company for Mining - Asco   10.66        Misr Hotels   27        Egyptian Electrical Cables   0.56        Medinet Nasr Housing   22.51        Mena Touristic & Real Estate I   1.21        ELSWEDY CABLES   18        Al Arafa Investment And Consul   0.17        Prime Holding   0.91        Alexandria Spinning & Weaving    0.74        General Company For Land Recla   16.6        Gharbia Islamic Housing Develo   8.41        Alexandria Cement   8.9        Arab Valves Company   0.94        Sidi Kerir Petrochemicals   12.4        TransOceans Tours   0.09        Egyptian for Developing Buildi   6.43        Egyptian Gulf Bank   1.24        Kafr El Zayat Pesticides   18.19        Faisal Islamic Bank of Egypt -   35.1        National company for maize pro   11.86        Delta Construction & Rebuildin   4.03        Zahraa Maadi Investment & Deve   48.25        Samad Misr -EGYFERT   3.52        Egypt for Poultry   1.41        Cairo Development and Investme   11.7        Cairo Pharmaceuticals   20.1        Maridive & oil services   0.9        Suez Canal Bank   3.75        Nile Pharmaceuticals   15.81        The Arab Dairy Products Co. AR   73.85        National Housing for Professio   14.39        El Ahli Investment and Develop   4.87        Egyptian Saudi Finance Bank   10.79        Ismailia National Food Industr   5.16        National Societe Generale Bank   25.52        Acrow Misr   19.16        Alexandria Mineral Oils Compan   63.63        Paper Middle East (Simo)   5.59        Egypt Aluminum   12.31        Giza General Contracting   13.12        Middle Egypt Flour Mills   5.82        Extracted Oils   0.6        Assiut Islamic Trading   4.56        Engineering Industries (ICON)   3.95        North Cairo Mills   15.3        Arab Pharmaceuticals   11.88        Grand Capital   5.38        El Ahram Co. For Printing And    10.68        Minapharm Pharmaceuticals   25.49        El Arabia Engineering Industri   13.52        El Nasr For Manufacturing Agri   9.71        Naeem portfolio and fund Manag   1.7        Faisal Islamic Bank of Egypt -   6.76        Natural Gas & Mining Project (   68.26        Housing & Development Bank   13.95        East Delta Flour Mills   31.5        Orascom Development Holding (A   3.22        Memphis Pharmaceuticals   11.12        Abou Kir Fertilizers   134.23        Delta Insurance   5        Cairo Investment & Real Estate   12.18        Cairo Oils & Soap   12.98        Egyptian Arabian (cmar) Securi   0.36        Egyptian Real Estate Group Bea   15.56        Alexandria Containers and good   85.51        Upper Egypt Flour Mills   45.78        Development & Engineering Cons   9.94        Sinai Cement   15.18        Medical Union Pharmaceuticals   28.01        Torah Cement   24.2        Alexandria New Medical Center   46.55        Export Development Bank of Egy   5.04        Egyptian Company for Mobile Se   92.02        Middle & West Delta Flour Mill   32.7        El Kahera El Watania Investmen   4.18        Mansourah Poultry   12.41        Delta Sugar   11.04        Misr Beni Suef Cement   41.21        Egyptian Satellites (NileSat)   6.14        Cairo Educational Services   17.75        Lecico Egypt   7.55        Sharm Dreams Co. for Tourism I   5.3        General Silos & Storage   10.77        Al Moasher for Programming and   0.66        UTOPIA   5.28        Arab Ceramics (Aracemco)   25.4        Barbary Investment Group ( BIG   0.98        

The Watch - forex news

Amwal Al Ghad English - 2016-04-13 09:19:34
A boost for commodity-reliant currencies from Tuesday’s jump in oil prices faded in early trade in Europe on Wednesday, while the dollar was up almost half a percent against the euro and yen, hitting a one-week high against the single currency. Oil was down almost 2 percent on the day, driving roughly half percent falls in the Norwegian crown and Australian and Canadian dollars. EURNOK= CAD= AUD= [O/R] It remains well above $40 a barrel, which has allowed all three to recover from long-term lows hit in January. This week's gains seem more to do with the prospect of producers imposing limits on output than a move away from the economic gloom that has pervaded financial markets this year and driven capital into the perceived safety of the yen. But some stronger data out of China and an improved tone to stock markets on Wednesday was enough to weaken both the Japanese currency and the euro. "Oil prices have come up and that has led to tighter credit spreads and in the end stronger equity markets," Constantin Bolz, director for FX strategy with UBS Wealth Management in Zurich, said. "That also led to dollar-yen finding a bottom and in general to a slightly stronger dollar." The yen was down 0.2 percent at 108.82 against the dollar, having stalled at its strongest in 17 months, 107.61 yen JPY=, on Monday. The dollar rose as high as $1.1343 per euro EUR=, its strongest in a week, before settling at $1.1360. The dollar index of its strength against a basket of currencies was up a third of a percent at 94.236. After the IMF’s latest warning on the world economy and the potentially “severe” impact of a British vote to leave the European Union, eyes will be on G20 meetings in Washington for signs of how policymakers will proceed from here. The day's big set piece is the Bank of Canada’s interest rate decision and updating of its economic forecasts, which come after a strong run higher for the Canadian dollar. No change is expected in interest rates but the meeting will be watched closely for any attempt to talk the currency down. "Although the BoC may not have wanted CAD to appreciate 13 percent over the past three months, the BoC probably won’t want to challenge most of the key tenets of the new optimism that has made CAD the second strongest G10 currency in 2016," analysts from Canadian bank BMO said in a note. The Canadian dollar stood at C$1.2782 per dollar CAD=D4, not far from an overnight high of C$1.2750 - a level last seen in July. More»
Amwal Al Ghad English - 2016-04-11 08:15:40
Crude prices dipped on Monday as analysts, including Goldman Sachs, poured cold water on the prospects of a planned oil producer meeting successfully reining in global oversupply, although a firm demand outlook checked losses. U.S. crude eased to $39.50 by 0600 GMT, off the day's high of $40.47 and down 22 cents from the prior session. Prices had rallied more than 6 percent on Friday after data showed U.S. energy firms had cut oil rigs for a third straight week to the lowest since November 2009. Brent was down 26 cents at $41.68 a barrel, also after sharp gains late last week that were fuelled by production outages in the North Sea and West Africa and hopes a planned meeting in Doha on April 17 of producers will lead to an output freeze. Global overproduction is currently estimated at about 1 million barrels per day (bpd) in excess of demand. But Goldman Sachs cautioned that the results of the April 17 meeting may end up being bearish for the market. "A production freeze at recent production levels would not accelerate the rebalancing of the oil market as OPEC (ex. Iran) and Russia production levels have this year remained close to our 2016 average annual forecast of 40.5 million bpd," it said. "We see greater odds that the Doha meeting delivers a bearish catalyst for oil prices... (and) we continue to believe that the balancing of the oil market requires sustained low prices with our 2Q16 forecast of $35 per barrel," it added. More»
Amwal Al Gahd English - 2016-04-07 08:19:26
Crude futures rose on a raft of supportive indicators on Thursday, although some traders warned that physical supply and demand fundamentals did not warrant a strong price recovery at this stage. International Brent futures LCOc1 jumped above $40 per barrel in early trading and stood at $40.10 at 0425 GMT, up 26 cents from the last close and about 8 percent above lows reached earlier this week. Front month U.S. West Texas Intermediate (WTI) crude futures CLc1 were trading at $38.09 per barrel, up 34 cents from their last close and also 8 percent above their April lows. U.S. crude prices were supported by an unexpected fall in crude inventories, albeit from a record high, last week as refineries continued to hike output and imports fell. "Oil prices spiked after the EIA data release," ANZ bank said in a morning note on Thursday. U.S. crude inventories USOILC=ECI fell 4.9 million barrels in the week to April 1, compared with analysts' expectations for an increase of 3.2 million barrels, according to data from the Energy Information Administration on Wednesday. In Europe, North Sea oil field maintenance expected next month lent support to Brent futures, which are priced off North Sea supplies. The over 5 percent slide in the dollar .DXY since the beginning of the year is also supporting oil, traders said, as it makes imports of dollar-denominated fuels cheaper for countries using other currencies, boosting demand. Manufacturing, another pillar of demand, also seems to be recovering from recent weakness. "Global manufacturing PMIs (Purchasing Managers' Index) saw their strongest MoM (month-on-month) recovery in two and half years in March, according to our calculations," Macquarie bank said. Yet some traders and analysts warned that the rise in futures prices might be premature and not supported by physical market fundamentals. A planned meeting of major oil producers on April 17 to freeze output around current levels, which in most cases remains at or near record highs, would do little to reduce an overhang in production with at least 1 million barrels of crude pumped every day in excess of demand. Goldman Sachs (GS.N) said that it was "less willing to believe in a sustained OPEC production freeze or cut" and instead expected OPEC's production to rise by 600,000 barrels per day (bpd) this year and by 500,000 bpd in 2017. As a result of this and also production data from the United States, Goldman said it was "somewhere between in line and modestly bearish for prices ... (and that) $35 per barrel WTI is not too high and not too low but just right." French bank BNP Paribas issued a recommendation "to be long the put spread positions" in the oil options market in expectation that futures prices will fall further. More»
Amwal Al Ghad English - 2016-04-07 08:05:36
The yen powered to 17-month peaks on Thursday, trampling Japanese exporter stocks in the process, while a broadly soft dollar gave extra legs to a rally in oil prices. The profit-eroding rise in the yen kept the Nikkei .N225 to a slight 0.2 percent gain despite a big bounce in the energy and healthcare sectors. The index has shed more than 7 percent in the past two weeks and weighed on sentiment across Asia. Markets in China .SSEC and Taiwan .TWII were lower, while MSCI's broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS edged up 0.5 percent. In Europe, spread betting firm IG expected opening gains of 0.1 to 0.2 percent for the FTSE 100 .FTSE, DAX .GDAXI and CAC 40 .FCHI. The yen's lunge higher led a senior Japanese finance ministry official to warn the move had been one-sided and that the ministry would take steps in the market as needed. Bank of Japan Governor Haruhiko Kuroda also repeated that the central bank would ease policy further if needed, but the market seems to doubt he can do much more. That is one reason the dollar crumbled to 108.78 yen JPY=, lows not seen since late October 2014. The yen's gains were broad based with heavy buying seen against the euro, Swiss franc and Australian dollar. Traders said being short of yen had been a hugely popular trade early in the year and the currency's surge was squeezing many investors out of those positions. More»
Amwal Al Ghad English - 2016-04-07 08:03:01
The Egyptian pound dropped again against the dollar on the black market on Wednesday, extending its recent decline despite central bank efforts to close the gap between demand and supply in the dollar-starved economy. Egypt, which relies heavily on imports, is facing a shortage in foreign currency inflows after a 2011 uprising drove tourists and foreign investors away, causing the country's reserves to tumble to $16.56 billion from $36 billion. Black market traders who quoted 10.10 pounds per dollar on Tuesday raised their rates to a range of 10.15-10.20 per dollar on Wednesday, 11 traders told Reuters on Wednesday. It stood at 9.9 per dollar on March 29. A black market for dollars has sucked up liquidity from the banking system while the central bank kept the pound artificially strong and rationed dollars through weekly auctions, putting a strain on foreign reserves. More»
Amwal Al Ghad English - 2016-04-07 07:53:52
The dollar slid to a 17-month low against the yen on Thursday, pressured by minutes of the U.S. Federal Reserve's meeting last month that underscored caution about future interest rate hikes. The dollar fell to 109.10 yen at one point, its weakest against its Japanese counterpart since October 2014. The dollar last traded at 109.17 yen, down 0.6 percent on the day. The euro slid 0.6 percent against the yen to about 124.42 yen EURJPY=R. Against the greenback, the euro EUR= held steady at $1.1398 EUR=, not far from a 5-1/2-month high of $1.1438 touched last week. The dollar index, which tracks the greenback against a basket of six major currencies, stood at 94.419 .DXY after plumbing 94.239 on Wednesday, its lowest since October last year. Minutes from the Fed's March 15-16 policy meeting suggested that the central bank appears unlikely to raise interest rates before June due to widespread concern among policymakers over their limited ability to counter the blow of a global economic slowdown. More»
Amwal Al Ghad English - 2016-04-06 09:39:11
Currency market strategists are predicting greater weakness in the U.S. dollar over the next few months, as the Federal Reserve seems to have closed the door on interest rate hikes through the spring and left the greenback alone with a destructive bedfellow: rising inflation. With the Fed's policy statement in March and remarks from Fed Chair Janet Yellen later in the month striking a cautious tone, strategists say this has set the stage for a rough patch for the dollar over the near-term as inflation nips at it. U.S. inflation has firmed in recent months, with the core Consumer Price Index rising 2.3 percent in the 12 months through February to mark the largest increase since May 2012. The core personal consumption expenditures price index, which is the Fed's preferred measure, gained 1.7 percent in the 12 months ended in February. The core inflation readings exclude food and energy prices. The Fed is targeting a 2 percent core PCE reading. Inflation typically undermines the dollar's strength by diminishing its spending power. Differences in inflation rates between the United States and the euro zone have been the main force behind the dollar's value against the euro since 2000, according to a research report from Fundstrat Global Advisors. More»
Amwal Al Ghad English - 2016-04-06 07:53:25
Crude futures jumped on Wednesday as hopes for an agreement among exporters to freeze output underpinned the market, although persistent global oversupply and Iran's plans to boost production pressured physical oil prices. Oil futures recovered from one-month lows to end the previous session up after the Kuwaiti governor for the Organization of the Petroleum Exporting Countries (OPEC), Nawal Al-Fuzaia, said there were "positive indications an agreement will be reached" on output during a producer meeting scheduled for April 17 in Qatar. U.S. crude futures CLc1 jumped over a dollar, or almost 3 percent, to a high of $36.92 per barrel before easing to $36.76 per barrel at 0646 GMT. International Brent futures LCOc1 rose as high as $38.64 before easing to $38.41 a barrel, still up 54 cents from their last settlement. "Oil (futures) gained some momentum. The comment by the Kuwait OPEC governor provided some support to prices," ANZ bank said, but warned that investors would likely remain cautious ahead of the April 17 meeting. An expectation that China's economy might be stabilizing after over a year of slowing also supported prices, traders said. An initial output freeze agreed in February has helped oil prices rise to almost $38 a barrel from a 12-year low close to $27 plumbed earlier this year. More»
Amwal Al Ghad English - 2016-04-05 08:04:32
From the air above this small Oklahoma town, the 300 steel oil storage tanks that dot the landscape appear filled to the brim, their floating lids bobbing atop more than 65 millions of barrels of oil. There may be no better place to witness what a world awash in crude looks like, and the 9 square-mile (23.3 square km)complex seems to bear out oil traders' fears that the industry is running out of space to contain a historic supply glut that has hammered prices. Such worries make weekly estimates of Cushing stockpiles from the Energy Information Administration one of the hottest market indicators. These inventories peaked in mid-March and have edged lower since then. Some traders reckon they are unlikely to exceed those records for years as refiners rumble back from seasonal maintenance and demand rises. Others warn the stockpile could rise again. Up close, from a 24-hour bunker that controls a quarter of tank space here, the ‘pipeline crossroads of the world’, reveals its secret - there is some spare room left. On March 24, the day after U.S. government data showed Cushing’s tanks held a near-record 66.23 million barrels of crude, Mike Moeller, manager at Enbridge, explained how the largest Cushing operator uses every last inch of usable space. More»
Amwal Al Ghad English - 2016-04-04 08:58:16
The dollar was on the defensive on Monday, after Friday's firm U.S. jobs report failed to shift the broadly held view that the Federal Reserve will remain cautious on interest rate hikes this year. The dollar slipped about 0.2 percent to 111.45 yen JPY=, after earlier skidding to as low as 111.32, its nadir since March 21. "I think the market is too pessimistic today, against the dollar," said Masashi Murata, senior currency strategist at Brown Brothers Harriman in Tokyo. "I don't see any reason that many people would want to buy the yen against the dollar," he said, in light of the mostly positive U.S. employment report as well as the likelihood of more monetary stimulus from Japan. Japanese companies' long-term inflation expectations weakened in March from three months ago, a Bank of Japan survey showed on Monday, a sign that the central bank's January decision to adopt negative interest rates has so far failed to convince firms price rises will accelerate over time. The euro edged up 0.1 percent to $1.1389 EUR=, not far from a 5-1/2-month high of $1.1438 struck on Friday. According to Friday's data, U.S. non-farm payrolls rose by 215,000 last month, slightly above expectations, and average hourly earnings rose after slipping in February. But the unemployment rate edged up to 5.0 percent from an eight-year low of 4.9 percent. More»