EGX 30 Falls 0.17% In Week Ahead of Muslims Vacation, IMF Team Visit
Egyptian Exchange benchmark EGX 30 index edged lower by 0.169 % this week, representing a retreat of 9.85 points, ending Thursday transactions at 5793.15 points compared to 5803 points at the end of last week.
Regarding current week trading, the index hit its highest point on Wednesday closing at 5,793.15 points, where its lowest point recorded on Tuesday at 5700.20 points.
It is worth noting that, Egyptian Stock exchange announced that Eid Al Adha Vacation will start on Thursday 25/10/2012 until Sunday 28/10/2012. Trading will be resumed on Monday.
Main index EGX30 ended in red and dipped by 1.49 % on Sunday to close at 5716.79 points. Market trade volume reached 123,866,159 shares amounted to EGP 368,569,034.
EGX30 shrunk early gains and edged higher by 0.08 % to close at 5721.09 points on Monday. Market trade volume reached 108,437,490 shares amounted to EGP 361,146,528.
EGX30 ended in red and dipped by 0.37 % on Tuesday to close at 5700.20 points. Market trade volume reached 103,722,507shares amounted to EGP 463,711,578.
The benchmark ended week in positive performance and advanced by 1.63 % to close at 5793.95 points on Wednesday. Market trade volume reached 232,164,722 shares amounted to EGP 1,057,354,790.
Companies’ weekly performance highlights:
Orascom Telecom Holding (OT) – (ORTE.CA) closed last week at EGP 3.71, while closed on Wednesday at EGP 3.75, retreating by EGP 0.01.
Stock highest close during the week came on Monday at EGP 3.75, while the lowest close came on Sunday at EGP 3.72.
On Sunday, Orascom Telecom and its Russian parent Vimpelcom have agreed to provide one another with technical and commercial services to improve the efficiency of their businesses, Orascom said.
Orascom said it was 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, Reuters reported.
It also said it planned to take control of Canada’s Globalive Investment Holding Corp. after changes to Canada’s foreign ownership laws. The change requires the approval of Canadian investment authorities, expected by early next year.
Also on Sunday, OT announced that it would convene both OGM & EGM to change the Company’s name from “Orascom Telecom Holding S.A.E.” to “Global Telecom Holding S.A.E”.
Moreover, it will approve changes to the Company’s investment in Orascom Telecom Holding Canada Limited, which currently owns 32.02% of the total outstanding voting shares and 65.08% of the total outstanding shares of Globalive Investment Holding Corp. (“GIHC”), the parent company of WIND Canada and Globalive Canada.
And finally, to approve a proposed mutual service agreement between the Company and VimpelCom Ltd, with the purpose of creating synergies and operational efficiencies among the Group entities and managing costs.
EL Ezz Aldekhela Steel – Alexandria – (IRAX.CA) closed last week at EGP 528.01, while closed on Wednesday at EGP 527.9 (highest close) retreating by EGP 0.11.
Stock lowest close during the week came on Monday at EGP 521.38.
On Wednesday, EL Ezz Aldekhela Steel reported financial results for the fiscal period ending in September 2012 with net profits after taxes of EGP 573 million, compared to net profits after taxes of EGP 721 million.
Also on Wednesday, the company revealed that shareholders’ stake in profits reached EGP 200.466.195 (EGP 15 per share).
Sidi Kerir Petrochemicals – (SKPC.CA) stock closed last week at EGP 13.66, while closed on Thursday at EGP 13.65 (highest close), retreating by EGP 0.01).
Stock lowest close during the week came on Tuesday at EGP 13.51.
On Tuesday, EFG-Hermes maintained Sidi Kerir Petrochemicals buy rating and fair value (FV) of EGP16.5 per share implying upside potential of 21%.
Sidpec reported its 3Q2012 results with net income coming in at EGP256 million, up 99% Q-o-Q and ahead of our EGP203 million estimate.
The large growth Q-o-Q was primarily driven by a significant increase in volumes, in our view, as the company shut down its complex for turnaround maintenance in 2Q2012.
Sectors performance:
The most active sectors all through the week were Real Estate, Telecommunications, Financial Services, Banks and Construction & Material.
Real Estate sector achieved total traded value of EGP 285,186,731.
Telecommunications came second in terms of performance, as it achieved total traded value of EGP 185,393,594.
Financial Services sector ranked third in terms of performance, as it achieved total traded value of EGP 182,265,922.
Regarding, Banks it achieved total traded value of EGP 150,524,241.
Finally, Construction & Material, as it achieved total traded value of EGP 150,231,092.
Regarding the investors’ activity:
Local investors led the market activity all through the week, followed by Foreign and Arab investors respectively.
Non-Arab foreign investors were the most active buyers this week earning the value of EGP 29,373,375.
Local investors chose also to buy by value of EGP 899,385.
Arab investors were most active sellers this week by the value of EGP 30,272,760.
Retail and Institutions’ activity:
Retail activity led the market all through the week as it ranged between 67.62 – 77.77 %.
While Institutions activity ranged during this week between 22.22 – 32.37 %.
