20/02/2014
Stocks shrugged off threats of Sinai and rose 1.6%
Strong gains for the support of the Egyptian Stock Exchange with active Mortgage
The stock rose to their highest in five years yesterday, ignoring threats by hardliners to foreign tourists after the Central Bank announced it will allocate $ 1.4 billion for local commercial banks to facilitate mortgage. And the militant group Ansar al-Bayt almaqdes warned and threatened attacks if they stay after Thursday, depriving the economy of an important source of foreign exchange. But many investors believe that the Government can blockade in Sinai and prevent it from spilling over to the instability occurs in the rest of the country, and aid from Gulf States billions of public financial support, so the market focused on the Central Bank's announcement that it will allocate 10 billion pounds (1.44 billion dollars) for low-cost housing projects. And will deposit the money in banks for 20 years with low interest, so banks can, in turn, loaned to people to buy homes with annual interest 7 to 8 per cent.
The Exchange has responded to the main index rise 1.6 percent, raised commercial International Bank, the country's largest bank, and included 3.7 percent, continuing its gains since February 12, after a record increase of 29 per cent in net quarterly profits. He said Islam batrawy Sales Manager Middle East ' shares that capital ' Cairo ' moving market with optimism after the results of the work of the commercial International Bank last week, and the proposed new funding for local banks to stimulate mortgage in Egypt.
It is noteworthy that the Egyptian stock exchange exceeded political unrest and terrorist operations in Egypt during the period following the revolution of June 30, 2013, and has achieved since the revolution 30 June 2013, about 60 per cent gain, to come in by sectors of the Egyptian economy, which benefited from the changes that have taken place in Egypt, supported by strong buying from Arab and foreign investors and Egyptian institutions, amid optimism the future of the market after increasing possibilities of field marshal Abdel Fattah al-Sisi's candidacy for the Presidency.
