EGX 30 Rallies For Second Day, Ends At 5403Pts, Despite Riots

The Egyptian Exchange (EGX) has ended Monday’s session posting gains of EGP 1.17 billion backed by local buyers for the second day in a row. The capital market has reached to EGP 370.117 billion during Monday’s closing session.

The EGX indices ended Monday in green notes.

Egypt’s benchmark index EGX30 rose by 0.16% to close at 5403.37 p; while EGX20 inched up by 0.54% to end at 6374.14 p.

Meanwhile, the mid- and small-cap index, the EGX70 surged by 0.87% to conclude at 465.04 pts.  Price index EGX100 hiked by 0.52% to finish at 780.25 p.

During Monday’s closing, the trading volume hit 74.767 million securities, less than Sunday’s 86.920 million securities, representing a decrease of 12.153 thousand securities. For the traded value, it reached EGP 362.921 million, exchanged 14.236 thousand transactions.

This was after trading in 168 listed securities; 24 declined, 113 advanced; while 31 keeping their previous levels.

Local buying transactions have backed EGX’s closing gains as they were net buyers seizing 62.34% of the total markets, with a net equity of EGP 24.701 million excluding the deals.

Meanwhile, the non-Arab foreigners and Arabs were net sellers seizing 31.33% and 6.33% respectively, of the total markets, with a net equity of EGP 9.854 million and EGP 14.846 million excluding the deals.

Orascom Telecom Media And Technology Holding SAE (OTMT.CA) surged by 1.33% to end at EGP 0.76.

EFG-Hermes’ stock inched up by 0.36% to close at EGP 11.17.

On the other hand, Orascom Construction Industries – OCI (OCIC.CA)’s stock fell by 0.71% to EGP 247.07.

OCI said it will be holding a new meeting with the Egyptian Tax Authority’s Anti-Tax Evasion Department next Wednesday, March 13, as part of current investigations over charges of tax evasion in OCI’s deal to sell Orascom Building Materials to French Lafrage.

OCI has met Sunday afternoon with the Egyptian Tax Authority (ETA) starting a new of negotiations over the alleged tax claim against the company.

Sources at Ministry of Finance told Al-Youm Al-Sabei revealed that OCI has submitted to the ETA new documents proving that it paid a large portion of tax, Al Youm El Sabee newspaper reported.

Meanwhile, first-hand sources at OCI denied the news about offering to pay EGP 7 billion end the current tax dispute confirming that the company is committed to its legal rights and will continue talks with the Tax Authority’s Anti-Tax Evasion Department in this regard.