Egypt
's stock exchange reopened for the second time today after it was forced to suspend trading minutes into trading as investors raced to sell shares in stocks.
The market shed nearly 10 per cent of its value at the opening bell after a lengthy hiatus of nearly two months aimed at calming investor nerves did little to keep the army of sellers at bay.
Most stocks on the market dropped in value seconds into trading, forcing the market to suspend trading for half an hour. Shares in big blue-chip companies including
Orascom
Construction Industries, Telecom Egypt and Commercial International Bank of Egypt all slumped 10 per cent almost instantaneously.
But, Orascom Telecom bucked the trend when the market reopened again and rose 4.4 per cent to 3.78 Egyptian pounds.
Fund managers expect it will take several days of trading before investors begin snapping up undervalued stocks.
Sebastien Henin, a portfolio manager at The National Investor said he expects "massive" volumes on the stock market.
"Blue chip will eventually be very resilient after a few days; it won't be a bloodbath," he said. "But we still don't have visibility and investors love visibility," Mr Henin added.
The stock exchange has delayed a promised reopening several time times since it was closed at the outset of protests that eventually toppled former president Hosni Mubarak.
Weeks of planning and debate among brokers, investors, the stock market regulator and exchange officials have culminated in several attempts to limit the shock of reopening.
The Egyptian government and the stock market clearing house were moving ahead with an 850 million Egyptian pound (Dh524.9m) support package for exchange to limit the shock of a dramatic fall in stock prices at the open.
The stock market regulator said earlier this month it was easing rules on margin calls by brokerages to limit volatility, but the impact was short-lived during trading today.
"At some point we will see people hover around certain stocks but I cant see people will be actively buying anything today," said Julian Bruce, director of equity sales at EFG Hermes in Dubai.
Some market commentators have suggested investors will begin to snap up bargain stocks that fall more than 10 per cent in value, though it will take a few days for this to happen.
Blue-chip stocks including Orascom Construction and Commercial International Bank are seen to benefit from buying later in the week when they could emerge as good value for money stocks.
Officials from the exchange last night decided to retain previously announced index circuit breakers that suspend trading after a certain period of time.
The market will be suspended for 30 minutes if it reaches the 5 per cent limit and would again be suspended on reaching the 10 per cent limit for a period to be specified by the head of the exchange, a Zawya Dow Jones report said.
By opening its stock market, Egypt reduces the chance of possible omission from the MSCI Emerging Market Index, which is tracked by thousands of fund managers and directs foreign investment into the country.
Under MSCI rules, consultations to have a country removed from its indexes can be instigated if the exchange in question remains shut for more than 40 consecutive working days. Wednesday represents the 38th business day since the Egyptian Exchange shut its doors.
The EGX 100 slumped more than 20 per cent in the days leading up to the closure.
THE LIGHT
Director: Tom Tykwer
Starring: Tala Al Deen, Nicolette Krebitz, Lars Eidinger
Rating: 3/5
The specs
Engine: 2.0-litre 4-cylturbo
Transmission: seven-speed DSG automatic
Power: 242bhp
Torque: 370Nm
Price: Dh136,814
COMPANY%20PROFILE%3A
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The Written World: How Literature Shaped History
Martin Puchner
Granta
COMPANY%20PROFILE
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Mobile phone packages comparison
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Vidaamuyarchi
Director: Magizh Thirumeni
Stars: Ajith Kumar, Arjun Sarja, Trisha Krishnan, Regina Cassandra
Rating: 4/5
German intelligence warnings
- 2002: "Hezbollah supporters feared becoming a target of security services because of the effects of [9/11] ... discussions on Hezbollah policy moved from mosques into smaller circles in private homes." Supporters in Germany: 800
- 2013: "Financial and logistical support from Germany for Hezbollah in Lebanon supports the armed struggle against Israel ... Hezbollah supporters in Germany hold back from actions that would gain publicity." Supporters in Germany: 950
- 2023: "It must be reckoned with that Hezbollah will continue to plan terrorist actions outside the Middle East against Israel or Israeli interests." Supporters in Germany: 1,250
Source: Federal Office for the Protection of the Constitution
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Five famous companies founded by teens
There are numerous success stories of teen businesses that were created in college dorm rooms and other modest circumstances. Below are some of the most recognisable names in the industry:
- Facebook: Mark Zuckerberg and his friends started Facebook when he was a 19-year-old Harvard undergraduate.
- Dell: When Michael Dell was an undergraduate student at Texas University in 1984, he started upgrading computers for profit. He starting working full-time on his business when he was 19. Eventually, his company became the Dell Computer Corporation and then Dell Inc.
- Subway: Fred DeLuca opened the first Subway restaurant when he was 17. In 1965, Mr DeLuca needed extra money for college, so he decided to open his own business. Peter Buck, a family friend, lent him $1,000 and together, they opened Pete’s Super Submarines. A few years later, the company was rebranded and called Subway.
- Mashable: In 2005, Pete Cashmore created Mashable in Scotland when he was a teenager. The site was then a technology blog. Over the next few decades, Mr Cashmore has turned Mashable into a global media company.
- Oculus VR: Palmer Luckey founded Oculus VR in June 2012, when he was 19. In August that year, Oculus launched its Kickstarter campaign and raised more than $1 million in three days. Facebook bought Oculus for $2 billion two years later.
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'The Predator'
Dir: Shane Black
Starring: Olivia Munn, Boyd Holbrook, Keegan-Michael Key
Two and a half stars
JOKE'S%20ON%20YOU
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The Transfiguration
Director: Michael O’Shea
Starring: Eric Ruffin, Chloe Levine
Three stars
WHAT FANS WILL LOVE ABOUT RUSSIA
FANS WILL LOVE
Uber is ridiculously cheap and, as Diego Saez discovered, mush safer. A 45-minute taxi from Pulova airport to Saint Petersburg’s Nevsky Prospect can cost as little as 500 roubles (Dh30).
FANS WILL LOATHE
Uber policy in Russia is that they can start the fare as soon as they arrive at the pick-up point — and oftentimes they start it even before arriving, or worse never arrive yet charge you anyway.
FANS WILL LOVE
It’s amazing how active Russians are on social media and your accounts will surge should you post while in the country. Throw in a few Cyrillic hashtags and watch your account numbers rocket.
FANS WILL LOATHE
With cold soups, bland dumplings and dried fish, Russian cuisine is not to everybody’s tastebuds. Fortunately, there are plenty Georgian restaurants to choose from, which are both excellent and economical.
FANS WILL LOVE
The World Cup will take place during St Petersburg's White Nights Festival, which means perpetual daylight in a city that genuinely never sleeps. (Think toddlers walking the streets with their grandmothers at 4am.)
FANS WILL LOATHE
The walk from Krestovsky Ostrov metro station to Saint Petersburg Arena on a rainy day makes you wonder why some of the $1.7 billion was not spent on a weather-protected walkway.
Small Victories: The True Story of Faith No More by Adrian Harte
Jawbone Press
LAST 16 DRAW
Borussia Dortmund v PSG
Real Madrid v Manchester City
Atalanta v Valencia
Atletico Madrid v Liverpool
Chelsea v Bayern Munich
Lyon v Juventus
Tottenham v Leipzig
Napoli v Barcelona
How to apply for a drone permit
- Individuals must register on UAE Drone app or website using their UAE Pass
- Add all their personal details, including name, nationality, passport number, Emiratis ID, email and phone number
- Upload the training certificate from a centre accredited by the GCAA
- Submit their request
What are the regulations?
- Fly it within visual line of sight
- Never over populated areas
- Ensure maximum flying height of 400 feet (122 metres) above ground level is not crossed
- Users must avoid flying over restricted areas listed on the UAE Drone app
- Only fly the drone during the day, and never at night
- Should have a live feed of the drone flight
- Drones must weigh 5 kg or less
COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded