EGX 30 Jumps 4.69%, OTH 9.87% Up; Early Monday As President Takes Office

As the newly elected President Mohamed Morsi assumed office during the weekend, the Egyptian Exchange (EGX) posted remarkable gains on Early Monday amounted to EGP 10.46 billion the capital market has reached EGP 350.226 billion according to the data compiled by Amwal Al Ghad as of 08:55 GMT (10: 55 local time).

Several shares were suspended for half an hour after they rose above the maximum 5% allowed under exchange rules.

Dr. Morsi was sworn in on Saturday as Egypt’s first Islamist, civilian and freely elected president, reaping the fruits of last year’s revolt against Hosni Mubarak

The main index, EGX30 jumped 4.69% to hit 4929.54 p.  EGX20 climbed 5.87% to reach 5772.22 p.

Meanwhile, the mid- and small-cap index, the EGX70 soared 2.36% to hit 432.01 p. Price index EGX100 surged 3.28% to reach 753.47 p.

Traded volume reached 9.478 million securities worth 44.331 million, exchanged through 2.384 thousand transactions.

This was after trading in 117 listed securities; 1 declined and 108 advanced while 8 keeping their previous levels.

Egyptians and non-Arab Foreigners were net sellers seizing 69.04% and 23.72% respectively, of the total markets, with a net equity of EGP 1.472 million and EGP 1.718 million excluding the deals.

Arabs were net buyers seizing 7.24% of the total markets, with a net equity of EGP 3.190 million excluding the deals.

Leading Shares

EGX’s leading shares witnessed collective upwards led by the shares of Orascom Telecom Holding (OTH) (ORTE.CA) which soared by 9.87% to hit EGP 3.34. Shares of Orascom Telecom Media & Technology Holding (OTMT.CA) climbed 9.46% to hit EGP 1.62.  Shares of Commercial International Bank- Egypt (CIB) (COMI.CA) surged 5.16% to hit EGP 27.30.

Additionally, the shares owned by EFG-Hermes Holding (HRHO.CA) went up 4.43% to hit EGP 10.60. Shares of Orascom Construction Industries (OCIC.CA) edged higher 4.19% to reach EGP 258.99.