EGX 30 Dives 2.24%, Ends At 5449 Pts
During Sunday closing session, the Egyptian Exchange (EGX) posted losses of EGP 7.8 billion as the capital market has amounted to EGP 380.737 million.
The EGX indices closed in dark red.
The main index, EGX30 dived by 2.24% to close at 5449.37 p. EGX20 sank by 2.53% to end at 6344.27 p.
Meanwhile, the mid- and small-cap index, the EGX70 pushed down by 3.52% to conclude 510.07 pts. Price index EGX100 dropped by 2.92% to finish at 842 p.
Traded volume reached 146.341 million securities worth EGP 530.708 million, exchanged 31.252 thousand transactions.
This was after trading in 181 listed securities; 158 declined 7 advanced while 16 keeping their previous levels.
EGX’s closing losses were driven by local and non-Arab Foreign investors’ selling pressures.
Arabs were net buyers seizing 2.63 % of the total markets, with a net equity of EGP 26.925 million excluding the deals.
On the other hand, Egyptians and the non-Arab Foreigners were net sellers 93.95% and 3.42 % respectively, of the total markets, with a net equity of EGP 24.728 million and EGP 2.196 million excluding the deals. 
Leading Shares:
EGX’s leading shares witnessed downwards.
Citadel Capital:
Citadel Capital (CCAP.CA)’s stock also dived by 5.37% to reach EGP 3.70.
Orascom Telecom Holding:
Orascom Telecom Holding (OTH) (ORTE.CA) dived by 4.17% to reach EGP 3.45.
On Saturday, Vimpelcom announced that it has hired Standard Chartered to advise it on the sale of its businesses in Burundi, Zimbabwe, Central African Republic, Cambodia and Laos, two people familiar with the matter said.
New-York listed Vimpelcom wants to focus on its largest markets of Russia and Italy, while reducing its debt, the people said. The units on the block came to Vimpelcom when it bought a 51 percent stake in Egypt-based Orascom Telecom and all of Italy’s Wind in 2011 for $6 billion.
“The move is part of a wider strategy by the company to review some of their smaller businesses globally and especially in emerging markets,” said a source familiar with the transaction.
“The group has really grown in size post the Orascom deal and there is a feeling that they need to be only in markets which are strategically important and of relevant size.”
Orascom Telecom Media & Technology Holding:
Orascom Telecom Media & Technology Holding (OTMT.CA)’s stock pushed down by 3.39% to end at EGP 0.57.
Orascom Construction Industries:
Orascom Construction Industries – OCI (OCIC.CA)’s stock sank by 2.36% to hit EGP 248.64.
Senior sources from Egypt’s Finance Ministry told Amwal Al Ghad that the Head of Tax Authority has met on Sunday with Orascom Construction – OCI (OCIC.CA)’s tax adviser so as to tackle the EGP 14 billion tax evasion charges against the Group.
The sources added that the two-hour meeting was attended by two representatives of KPMG Hazem Hassan alongside auditing consultant for Egyptian tycoons Onsi Sawiris and his son Nassif Sawiris. The OCI consultants have discussed the Group’s legal sound stance towards its selling deal of OCI’s Orascom Building Materials Holding to French Lafarge in 2008.
The sources further noted that the Head of Tax Authority is currently holding a meeting with the Tax Evasion Department so as to provide it with the OCI representatives’ meeting feedback.
EFG-Hermes:
EFG-Hermes Holding (HRHO.CA) edged down by 2.08% to hit EGP 11.30.
On Saturday, EFG Hermes said it aims to expand into Turkey, Iraq and Libya and plans to grow its asset management arm by 50 percent after the completion of its joint venture with Qatar’s QInvest, it said on Friday.
EFG-Hermes announced its tie-up with QInvest in May and the deal should close this month, said Kashif Siddiqui, managing director and head of asset management at EFG Hermes, who will be co-CEO of the joint venture.
QInvest will hold 60 percent and EFG’s holding company will own 40 percent of the venture, which will be branded EFG Hermes.
The enlarged business will aim to increase its assets under management to about $5 billion within a couple of years, from $3.4 billion now, Siddiqui said.
The deal will create the biggest investment bank across the Middle East and North Africa (MENA) region and also pull in brokerage and asset management operations.
It plans to expand with the help of $250 million that QInvest is injecting into the venture.
“This deal brings a partner with similar ambitions and deep pockets, and will enable us to penetrate new markets,” Siddiqui told Reuters in an interview in London.
