EGX 30 Tumbles 0.40%, Opens Below 5700 Pts

By Yomna Yasser On Oct 23, 2012

During Tuesday opening session, the Egyptian Exchange (EGX) has posted early losses of EGP 379 million as the capital market has amounted to EGP 392.326 billion, according to data compiled by Amwal Al Ghad at 10.56 a.m. Cairo time (08:56 GMT).

EGX indices opened in red except for the EGX70.

The main index, EGX30 tumbled by 0.40% to hit 5698.42 p. EGX20 went down by 0.18% to reach 6670.25 p.

Meanwhile, the mid- and small-cap index, the EGX70 inched higher by 0.14% to hit 527.77 pts. Price index EGX100 dropped by 0.16% to reach 870.63 p.

Traded volume reached 1.706 million securities worth EGP 4.352 million, exchanged through 360 thousand transactions.

This was after trading in 54 listed securities; 10 declined 10 advanced while 34 keeping their previous levels.

EGX’s early losses were driven by Arabs and non-Arab Foreigners’ selling pressures.

Arabs and non-Arab Foreigners were net sellers seizing 7.05% and 6.86% respectively, of the total markets, with a net equity of EGP 156.541 thousand and EGP 132.981 thousand excluding the deals.

On the other hand, Egyptians were net buyers seizing 86.08% of the total markets, with a net equity of EGP 289.522 excluding the deals.

Leading Shares:

EGX’s leading shares witnessed unsteady performance.

Orascom Telecom Media & Technology Holding:

Trading has been suspended for Orascom Telecom Media & Technology Holding (OTMT.CA)’s stock witnessed no change at EGP 0.59.

LINKonLINE, a subsidiary of Orascom Telecom Media & Technology Holding (OTMT.CA), announced the acquisition of Arabia.com on Monday.

Upon this acquisition, LINKonLINE will be able to support the portal’s Arabic content through focusing on exclusive and diverse content – from sport to technology, autos news and leisure.

EFG-Hermes:

EFG-Hermes Holding (HRHO.CA) went uo by 0.34% to hit EGP 11.83.

Orascom Construction Industries:

Orascom Construction Industries – OCI (OCIC.CA)’s stock pushed down by 1.61% to hit EGP 259.00.

Citadel Capital:

Citadel Capital (CCAP.CA)’s stock fell by 0.74% to reach EGP 4.04.

Orascom Telecom Holding:

Orascom Telecom Holding (OTH) (ORTE.CA) dipped by 0.27% to hit EGP 3.72.

Orascom announced on Sunday changing its name to Global Telecom Holding SAE after Vimpelcom took control of the Egyptian company last year in a deal worth around $6 billion.