EGX 30 Starts Month 0.13% Up, Nears 5830 Pts

During Monday opening session, the Egyptian Exchange (EGX) has started this month by posting early gains of EGP 922 million as the capital market has amounted to EGP 406.669 billion, according to data compiled by Amwal Al Ghad at 10:59 a.m. Cairo time (08:59 GMT).

EGX indices starts this month in green.

The main index, EGX30 rose by 0.13% to hit 5829.27  p.  EGX20 inched higher by 0.09% to reach 6879.77 p.

Meanwhile, the mid- and small-cap index, the EGX70 went up by 0.54% to hit  567.54 pts.  Price index EGX100 increased by 0.39 % to reach 928.56 p.

Traded volume reached  10.694 million securities worth EGP 34.102  million, exchanged through 2.387 thousand transactions.

This was after trading in 105 listed securities; 40 declined 51 advanced while 14 keeping their previous levels.

EGX’s early gains were backed by Egyptians and Arabs’ buying deals.

Egyptians and Arabs were net buyers seizing 83.54% and 4.94% respectively, of the total markets, with a net equity of EGP 391.306 thousand and EGP 41.338 thousand excluding the deals.

On the other hand, non-Arab Foreigners were net sellers seizing 11.52% of the total markets, with a net equity of EGP 432.644 thousand excluding the deals.

Leading Shares:

EGX’s leading shares witnessed unsteady performance during early trading.

Talaat Moustafa Group:

Talaat Moustafa Group (TMGH.CA) surged by 0.92% to hit EGP 5.50.

Commercial International Bank:

Commercial International Bank- Egypt (CIB) (COMI.CA) went up by 0.55% to hit EGP 35.84.

Telecom Egypt Co.:

Telecom Egypt (ETEL.CA)’s stock inched higher by 0.14% to reach EGP 14.40.

Prime Minister Hisham Kandil issued a decree late Saturday, appointing Eng. Omar El Sheikh as a board member at landline monopoly Telecom Egypt (TE), in place of Eng. Akil Beshir who resigned last week.

El Sheikh had worked at Vodafone Egypt.

Telecom Egypt – TE had sent earlier last week a release to the Egyptian Exchange (EGX) announcing that the TE Chairman Akil Beshir resigned from his post and retired as of 01/10/2012. Beshir has served in TE for 12 years.

Beshir had been appointed Chairman and CEO of the Telecom Egypt in June 2000. He passed on his executive duties as CEO in August 2009, becoming non-Executive Chairman.

An official source at Ministry of Communications and Information Technology said that the resignation of Telecom Egypt’s (TE) Chairman Akil Beshir was for personal reasons. It added that a new board member will be appointed by Prime Minister Hisham Qandil, after which a board meeting will be held to elect a new Chairman.

For his part, Beshir indicated that the decision to retire was based on personal reasons, rebutting the rumors that the resignation was due to facing interrogations from the Administrative Control Authority (ACA).

Citadel Capital:

Citadel Capital (CCAP.CA) fell by 0.89% to reach EGP 4.43.

Orascom Construction Industries:

Orascom Construction Industries (OCIC.CA) went up by 0.04% to reach EGP 288.00.

Orascom Construction Industries announced Sunday that the Group will be finalizing the actual demerger process between its construction activities and its fertilizer arm within the coming November.

Omar Derwaza, Head of Investor Relations at OCI,  said the Group has finalized all the necessary procedures for the demerger. OCI had completed outlining the demerger mechanisms alongside the situation of its two activities (Construction and Fertilizer) after the final demerger, Derwaza added.

Derwaza has also stated that OCI plans to finalize its demerger process with the coming November proceeded by the launch of the two firms; the Demerging Company (OCI Fertilizers) and the Demerged Company (Orascom Engineering and Construction).

The Group will inform the Egyptian Financial Supervisory Authority (EFSA) of any further updates about the demerger process, he noted.

Orascom Telecom Holding:

Orascom Telecom Holding (OTH) (ORTE.CA) inched lower by 0.27% to reach EGP 3.69.

EFG-Hermes:

EFG-Hermes Holding (HRHO.CA) tumbled by 0.17% to hit EGP 11.90.

Orascom Telecom Media & Technology Holding:

Orascom Telecom Media & Technology Holding (OTMT.CA) maintained with no change at EGP 0.54.