Hilbroy Advisory: Egypt stock market resumes decline after reopening

Montreal, Quebec, March 24, 2011– Hilbroy Advisory Inc. (DeutcheBörse: 2H0) Hilbroy Advisory Reports: Egypt’s benchmark stock index fell for the second consecutive day on Thursday, closing almost 4 percent lower but paring steeper losses earlier in the session as investors looked to unload holdings after the market’s nearly two month closure.

 

The Egyptian Exchange’s benchmark EGX30 index closed 3.73 percent lower, hitting 4,950 points. It rebounded from earlier losses of over 6.7 percent that led to a 30-minute suspension of trading just minutes after the opening bell. The slide brought the benchmark’s year-to-date losses to almost 30.7 percent.

 

The reversal came as a welcome surprise to many who had feared a repeat of Wednesday’s 8.9 percent plunge as the market ended its first day of trade after it shuttered on Jan. 27 amid mounting mass protests that eventually ousted former President Hosni Mubarak.

 

The broader EGX100 index, defying expectations of days of losses, moved to the black, gaining almost 0.9 percent, according to the exchange’s Web site.

 

“I think things will stabilize again next week and I wouldn’t be surprised if the index was up 2, 3 or 4 percent” then, said Khaled Naga, a floor trade with Mega Investments.

 

Prior to its January closure, the market lost over 16 percent in two consecutive trading days, reflecting investor fears about the descent into apparent chaos of a country once viewed as the most stable in the Arab world. Those fears were also reflected in the country’s currency, with the Egyptian pound again coming under pressure as the market reopened.

About Hilbroy Advisory Inc.

Hilbroy Advisory Inc. is a Canadian based advisory and consultancy services company founded in 2000. Our Company provides publicly traded and private companies, institutions and individuals with a series of advisory services enabling these companies to fully reach their corporate objectives and potential.

Our specialists will customize a service package that includes reviewing, identifying and recommending a series of specific action and tasks that help their clients’ management decisions when seeking

  • Go Public strategy,
  • Debt and or equity financing
  • Identify prospective investors
  • Hire investor relations firm
  • Cross listing decisions
  • Planning road-shows and promotional campaigns.

Hilbroy Advisory has established numerous international relationships over the years with Broker Dealers, Hedge Funds, Institutional Investors, High net worth Investors as well as with investor relations firms and consultants. These relationships are made available to all Hilbroy clients and our team will manage the relationships from introduction to post financing activities.

 

Contact:

Jean François Amyot

HilbroyAdvisory, Inc.

1400 rue Begin

Montreal, QC H4R 1X1

www.hilbroyadvisory.com

Tel: 514-334-3131

 

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About jfamyot1@gmail.com

Hilbroy Advisory Inc. is a Canadian based advisory and consultancy services company founded in 2000. Our Company provides publicly traded and private companies, institutions and individuals with a series of advisory services enabling these companies to fully reach their corporate objectives and potential.