Egypt shares down on negative sentiment, profit taking

(Reuters) - Egypt's main stock indexes edged down on Monday, with a global downturn in equities leaving foreign investors wary of Egypt and retail investors reaping profits in the real estate and banking sectors, traders said.

"Foreign institutions are waiting till the bottom, and then they'll enter, and that's because of what's been happening in the U.S... right now it's not at that bottom," said Teymour el-Draini of Beltone Financial.


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Egyptian indexes rebound, housing and EFG-Hermes up

(Reuters) - Egypt's main stock indexes rebounded on Sunday from last week's correction, carried by a strong rally in the housing sector and a rise in investment bank EFG-Hermes, traders said.

EFG-Hermes climbed 5 percent to reach a year closing high of 51 Egyptian pounds per share after renewed interest in the sector following the announcement last week that Egypt would privatise state-owned Banque du Caire within six to nine months.


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T.Italia close to Brasil Telecom stake sale-report

(Reuters) - Egyptian telecom operator Orascom Telecom pulled
out of talks to buy the Telecom Italia stake in Brasil Telecom
last month.




Brasil Telecom's controlling shareholders are a group of
Brazilian state-run pension funds and Citigroup , which
have said in the past they plan eventually to sell their stakes.


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Egyptian shares slip, hit by foreign markets

(Reuters) - Egyptian shares slipped on Wednesday under the influence of depressed foreign markets and because Egypt's financial year ends this week, brokers said.

Major housing stocks fell on sentiment and Ezz Steel dropped 4.5 percent after the Ezz Group sold 10 percent at a large discount on the London GDR market.


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Egypt Plans to Sell $1 Billion of Egyptian-Pound Eurobonds Next Month

(Bloomberg) -- Egypt will sell 5.7 billion Egyptian
pounds ($1 billion) of Eurobonds denominated in the local currency
in July, Finance Minister Youssef Boutros-Ghali said today.

Egypt will sell the Eurobonds to international investors in
the first offering of its kind, Boutros-Ghali said in an interview
on the sidelines of an economic conference in Cairo.


Read more at Bloomberg Emerging Markets News

Middle East, Africa sovereign borrowing to fall - S&P

Middle East and African countries rated by Standard & Poor's are expected to borrow a net $6 billion in 2007, less than half the amount in 2006 as high oil revenues in the regions have contributed to repayments.

"Privatisation receipts, especially in Egypt, also contributed to debt repayments," S&P sovereign credit analyst Farouk Soussa told Reuters on Tuesday.

S&P expects gross medium and long-term commercial borrowing of $60 billion in 2007. Given amortizations of $53.9 billion, net borrowing will be $6 billion for the year versus net borrowing in 2006 of $15 billion, the report said.

Read more at Reuters South Africa