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Monday, 23 August 2021

Egyptian Resorts Company losses doubled in 2Q2021, still today’s biggest gainer

EARNINGS WATCH- Egyptian Resorts Company saw its losses almost double to EGP 7.1 mn in 2Q2021, compared to EGP 3.7 mn in the same period last year, according to the company’s financials (pdf). Revenues collapsed almost 85% to EGP 1.6 mn during the quarter, compared to EGP 10.6 mn last year.

IN MARKET NEWS- Mubasher Trade launches new version of its trading platform to cater to foreign investors: Mubasher Trade Egypt, a subsidiary of Mubasher Capital, updated its trading platform with a new feature that would give non-resident foreigners access to 70 global stock markets including the EGX, Mubasher Capital Chairman Ehab Rashad told Enterprise. The move aims to attract more foreign inflows to the EGX, Mubasher Trade MD Mostafa El Debawy said in a statement (pdf) announcing the move.

MARKET ROUNDUP-

The EGX30 rose 1.8% at today’s close on turnover of EGP 2.21 bn (37.2% above the 90-day average). Local investors were net buyers. The index is up 0.4% YTD.

In the green: Egyptian Resorts Company (+7.5%), Sidi Kerir Petrochem (+3.8%) and Ezz Steel (+3.4%).

In the red: Rameda (-2.4%), Orascom Development (-1.2%) and GB Auto (-1.0%).

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