EGX 30 Ends Below 5300 Pts, Orascom Telecom Climbs 2.20%
During Tuesday closing, the Egyptian Exchange (EGX) has turned its midday gains into losses of EGP 63 million driven by the foreigners’ profit-taking transactions.
The capital market has reached to EGP 361.533 billion during Tuesday’s closing session.
The EGX indices ended Tuesday mixed.
Egypt’s benchmark index EGX30 inched up by 0.38% to close at 5295.11 p; while the EGX20, it also rose by 0.83% to end at 6209.38 p.
Meanwhile, the mid- and small-cap index, the EGX70 fell by 0.53% to conclude at 450.65 p. Price index EGX100 dropped by 0.29% to finish at 753.48 p.
During Tuesday’s closing, the trading volume hit 94.348 million securities, higher than Monday’s 92.559 million securities, representing an increase of 1.789 thousand securities. For the traded value, it reached EGP 348.191 million, exchanged 16.281 thousand transactions.
This was after trading in 168 listed securities; 63 declined, 59 advanced; while 46 keeping their previous levels.
The non-Arab foreigners turned to the profit-taking process as they were net sellers seizing 17.6% of the total markets, with a net equity of EGP 35.573 million, excluding the deals.
Meanwhile, Egyptians ’ and Arabs were net buyers seizing 73.64% and 8.75% respectively, of the total markets, with a net equity of EGP 27.844 million and EGP 7.729 million excluding the deals.
EGX-Listed Firms’ Leading Stocks:
Orascom Telecom Holding (OTH) (ORTE.CA)’s stock climbed by 2.20% to close at EGP 4.64 powered by the Egyptian financial regulator’s approval on the Cypriot tender offer to buy up to 100% of the company’s shares.
On Tuesday, Egyptian Financial Supervisory Authority (EFSA) has approved the Cypriot tender offer to buy up to 100% of Orascom Telecom Holding (OTH) (ORTE.CA) at a price of US$0.70 per share.
Accordingly, the Cypriot Baskendal Ltd has made on Tuesday an announcement to confirm its tender offer to buy Orascom Telecom’s shares, stating that it will start as of tomorrow, Wednesday, April 17th, buying 100% for OTH’s shares. The buying period will extend till close of trading on Monday, May 27.
EFG-Hermes Holding (HRHO.CA)’s stock jumped by 4.71% to conclude at EGP 11.11 powered by the Egyptian prime minister’s remarks as regard to finalizing the company’s deal with QInvest within this week.
Egypt’s Prime Minister Hisham Kandil, vowed Hermes-QInvest takeover deal’s completion procedures before the end of this week.
The Prime Minister said, in an reply to a question from a number of Qatari businessmen during his visit to Doha last Wednesday, the EFG-Hermes (HRHO.CA)’s strategic alliance with Qatari QInvest will come into effect within the week at most.
