Category Archives: Shares

Plunges of Egyptian Stock Market Opens

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Egyptian Stock Market The Egyptian stock market plunged 5% in the opening minute Wednesday, triggering circuit breakers as the exchange opened for the first time in nearly two months.

Traders had predicted a “bloodbath”. “Then the stock market will close”. The circuit breaker stops trading for 30 minutes. Outside the stock market, the orderly palm-lined street was mostly empty, with the exception of soldiers and armored personnel carriers. Security has been increased since some protesters demanded on Tuesday that the exchange not reopen.

The markets have been closed since January 27 On Saturday, Egyptian voters overwhelmingly approved proposed constitional amendments that pave the way for parliamentary elections in June.

The proposed amendments included limiting the president to two four year terms, capping emergency laws to six months unless they are extended by public referendum, and placing elections under judicial oversight.

Increased Cunsumer Credit In U.S On Third Month

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U.S consumer borrowing rose in December for a third consecutive month, led by the first increase in credit card charges in more than two years as holiday sales improved. Far all of 2010 credit contracted.

Shares Climb.  Stock rose, bolstered by takeover announcements. non revolving debt, including loans for cars and mobile homes, rose $3.78 billion for the month, the fifth consecutive increase. Credit availability following the recession is improving faster for companies than for households, the Fed’s quarterly survey of senior loan officers released Jan 31 showed. The Fed survey showed the outlook for business loans improving the most, with 80 percent of bank expencting improvement for lage and medium businesses and 70 percent expecting gains for small businesses. Banks also expect better quality cunsumer loans in 2011, with 57 percent predicting an improvement in credit card loans. For other types of counsumer loans, 47 banks expect improvement.

MasterCard Inc, the world’s secon biggest bank card network, reported on Feb 3 that fouth quarter profit increased 41 percent on the surge consumer spending as well as a global migration to electronic payment.

Sales Climbing. Comparable store sales at the more than 30 chains tracked by Retail Metrics Inc, rose 4.4 percent in January from a year earlier, surpassing the predicted 2.6 percent increase. Gap, based in San Franscisco, said same store sales rose 1 percent, compared with the 3 percent drop projected from analysts’ estimates compiled by Retail Metrics. GM sales in the month rose 22 percent from the same time last year, topping four analysts’ everage estimate for a 9.2 percent increase.

China’s Yuan Policy Preserve

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Chinese President Hu Jintao said Beijing’s currency policy, which is being attacked by the United States and the European Union because maintaining a low yuan in order to increase exports, is coherent and responsible.

“To improve the trade imbalance, the parties concerned should change the pattern of their development, their economic restructuring and promoting free and fair trade, fight against every form of trade protectionism,” Hu told the daily Le Figaro on Tuesday, ahead of his visit to France this week, as cited from AFP.

“China’s currency policy is coherent and responsible. We have been continuing to work to improve the yuan exchange rate mechanism reform,” he said, noting that China’s currency has risen almost 24 percent since 2005.

United States and European Union both say that Beijing maintains the yuan “undervalued” (below the true value), thereby increasing the export of their costs, as reflected in the massive trade deficit that they are run by Chinese. Behind China say the problem is of their own actions and they need to change policy.

Beijing insisted that it would not suppress a big revaluation of the yuan, but let the currency go up with additional measures for China’s economy develops and becomes more open. ”We continue to refine, in accordance with the principles of independence, control and progress, our exchange rate mechanism … to allow for a bigger place for the law of supply and demand and to increase the flexibility of the yuan, so as to maintain the relative stability of our currency a reasonable and balanced level, “said the Chinese president.

Currency policy in general and in particular the yuan would appear most cryptic in the Group of 20 summit in South Korea later this month, with plans for U.S. President Barack Obama talks with counterparts from China amid rising between the two largest economies of the world in this matter.

Turning to his visit to France, which begins on Thursday, Hu told Le Figaro that China wants to go beyond trade issues and simple investment to create “equal partnership” with Paris. China hopes to find “a new partnership in energy, environment, information technology, high-end industrial, new energy sources and new materials,” said Hu.