EGX 30 Surges 1.78%, Ends Above 5560 Pts
During Tuesday closing session, the Egyptian Exchange (EGX) has extended its early gains which eventually reached EGP 5.4 as the capital market has amounted to EGP 385.296 million.
The EGX indices closed in green.
The main index, EGX30 pushed up by 1.78% to close at 5567.55 p. EGX20 surged by 1.31% to end at 6424.51 p.
Meanwhile, the mid- and small-cap index, the EGX70 soared by 2.10% to conclude 515.73 pts. Price index EGX100 edged up by 1.83% to finish at 852.78 p.
Traded volume reached 99.544 million securities worth EGP 352.467 million, exchanged 21.624 thousand transactions.
This was after trading in 164 listed securities; 30 declined 115 advanced while 19 keeping their previous levels.
EGX’s closing gains were backed by non-Arab Foreigners’ buying deals.
Egyptians and Arabs were net sellers 86.15% and 3.45% respectively, of the total markets, with a net equity of EGP 30.385 million and EGP 18.972 million excluding the deals.
On the other hand, the non-Arab Foreigners were net buyers seizing 10.41% of the total markets, with a net equity of EGP 49.357 million excluding the deals.
Leading Shares:
EGX’s leading shares witnessed unsteady performance.
Orascom Construction Industries:
Trading for Orascom Construction Industries – OCI (OCIC.CA)’s stock soared by 1.83% to end at EGP 256.61.
On Tuesday, OCI (OCIC.CA) has stopped two fertilizer production lines at its Egyptian Fertilizer Co subsidiary alongside its Egypt Basic Industries Corporation (EBIC)’s greenfield plant because of gas supply problems.
OCI told the Egyptian Exchange (EGX) that the production should be restored to previous levels within seven days.
Egyptian Fertilizer’s two lines together produce about 1.3 million tons of urea per year, investment bank EFG-Hermes said in a research note.
On Monday, Omar Derwaza – Head of Investor Relations at Orascom Construction Industries – said OCI is still in holds negotiations with Egypt’s Tax Authority (TA) so as to put an end to the tax evasion charges against the Group.
Derwaza added that the meeting held on Sunday between the TA and OCI representatives has discussed the overall dimension to the tax evasion charges and the Group’s legal stance expecting that the TA and OCI will likely reach an agreement very soon.
The Egyptian Tax Authority (TA) and OCI have agreed in principle during their meeting on Sunday over the Group’s EGP 14 billion tax evasion to reduce the amount to EGP 2 billion.
Senior sources from Egypt’s Finance Ministry told Amwal Al Ghad that the tax charges reduction is not final as there will be coming talks between the Tax Authority and OCI representatives which could result in further lowering.
The sources described the meeting held Sunday between Mamdouh Omar – Head of Tax Authority, and OCI representatives; KPMG Hazem Hassan and Ashraf Abdel Ghani Accountants and Tax Consultants as ‘cozy’ as it showed a genuine willingness to have a happy ending with the Group’s tax file.
Also on Monday , OCI said two production lines were shut down in Egyptian Fertilizer Co. (EFC) due to low pressure and disruption of natural gas supply.
Orascom Telecom Holding:
Orascom Telecom Holding (OTH) (ORTE.CA) climbed by 1.42% to EGP 3.56.
Citadel Capital:
Citadel Capital (CCAP.CA)’s stock surged by 1.33% to EGP 3.80.
Citadel Capital announced on Monday the start of pilot operation at the Arab National Cement Company (ANCC)’s new plant located in the Upper Egyptian governorate of Minya, at a production capacity of 2 million tpa.
The Arab National Cement Company (ANCC), a subsidiary of regional cement producer ASEC Cement, is located some 220 kilometers south of Cairo in the Minya governorate. In addition to creating 400 direct and 1,500 indirect jobs, the plant will provide cement for key infrastructure projects in Upper Egypt.
ANCC is a project of ASEC Cement, a 33.44%-owned investment platform of Citadel Capital.
Later on Monday, the new Governor of Minya, Dr. Moustafa Kamel Eissa visited ASEC Cement’s US$ 360 million, 2.0 MPTA greenfield cement plant for a tour of the site and a briefing on how the plant will help create as many as 1,200 jobs while supplying cement for the governorate’s critical infrastructure projects.
“I was impressed with the progress I saw,” said Eissa. “In addition to providing much-needed employment opportunities, the high-quality Portland grey cement ANCC will produce will capitalize on the abundance of limestone in our governorate. What’s more, by choosing to build and create jobs in Minya, ANCC has positioned itself to serve high-demand markets across Upper Egypt.”
“We are delighted to have hosted Dr. Kamel,” said ASEC Holding Chairman and Chief Executive Officer Giorgio Bodo, who noted that the project will also adhere to the highest global environmental standards. “With the cold run phase of the project now in progress, we are on track to start full production in April of 2013.
EFG-Hermes:
EFG-Hermes Holding (HRHO.CA) rose by 1.16% to EGP 11.29.
The Egyptian Financial Supervisory Authority (EFSA) negated in a release issued late Sunday that it had given any final approval for the strategic alliance between the EFG-Hermes (HRHO.CA) and the Qatari investment bank QInvest. EFSA added that there are further procedures shall be adopted prior its approval.
Orascom Telecom Media & Technology Holding:
Orascom Telecom Media & Technology Holding (OTMT.CA)’s stock maintained with no change at EGP 0.58.
In a new technological achievement, Alfa, the first Lebanese mobile operator managed by Orascom Telecom Media and Technology Holding (OTMT.CA), announces that it has successfully completed the 1st Lab Test on the 4G-LTE technology on its network. During the test, unprecedented & record speeds of up to 100 Mbits/sec were achieved.
In parallel with the success of this 1st Lab Test, Alfa will be launching soon a 3-month Pilot Phase on the 4G-LTE technology on 20 4G-LTE existing sites installed in Beirut. The Pilot Phase will include 300 participants, and it will span across a geographical area covering the administrative area of Beirut. The commercial launch of Alfa’s 4G-LTE service will take place in 2013.
