EGX 30 Dives 2.95%, Ends Below 5700 Pts

During Sunday closing session, the Egyptian Exchange (EGX) has posted losses of EGP 10.3 billion as the capital market has amounted to EGP 395.405 billion.

EGX indices closed in dark red.

The main index, EGX30 dived by 2.95% to close at 5650.07 p.  EGX20 sank by 3.47% to end at 6635.36 p.

Meanwhile, the mid- and small-cap index, the EGX70 fell by 4% to conclude at  541.91 pts.  Price index EGX100 sagged by 3.51% to finish at 892.96 p.

Capital market experts said EGX downward is quite normal and no need to worry.  They added that the EGX is in the profit-taking phase after pushing up for more than 20 sessions.

Traded volume reached 229.734 million securities worth EGP 850.410 million, exchanged through 47.353 thousand transactions.

This was after trading in 185 listed securities; 166 declined 12 advanced while 7 keeping their previous levels.

The EGX’s losses were backed by Egyptians and non-Arab Foreigners ‘ profit-taking process. 

Egyptians and non-Arab Foreigners  were net sellers seizing 75.56% and 18.93% respectively, of the total markets, with a net equity of EGP 4.591 million and EGP 36.638 million excluding the deals.

On the other hand,  Arabs were net buyers seizing 5.51% of the total markets, with a net equity of EGP 41.230 million excluding the deals.

Leading Shares:

EGX’s leading shares witnessed closing downwards.

Citadel Capital:

Citadel Capital (CCAP.CA) sank by 6.94% to conclude at EGP 4.16.

EFG-Hermes:

EFG-Hermes Holding (HRHO.CA) dived by 5.03% to end at EGP 11.32.

Talaat Moustafa Group:

Talaat Moustafa Group (TMGH.CA) sagged by 4.59% to close at EGP 5.20.

Orascom Telecom Holding:

Orascom Telecom Holding (OTH) (ORTE.CA) plummeted by 3.78% to close at EGP 3.56.

Orascom Telecom Media & Technology Holding:

Orascom Telecom Media & Technology Holding (OTMT.CA) dipped by 3.70% to end at EGP 0.52.

Orascom Construction Industries:

Orascom Construction Industries (OCIC.CA) pushed down by 2.52% to finish at EGP 278.84.

Orascom Construction Industries announced Sunday that the Group will be finalizing the actual demerger process between its construction activities and its fertilizer arm within the coming November.

Omar Derwaza, Head of Investor Relations at OCI,  said the Group has finalized all the necessary procedures for the demerger. OCI had completed outlining the demerger mechanisms alongside the situation of its two activities (Construction and Fertilizer) after the final demerger, Derwaza added.

Derwaza has also stated that OCI plans to finalize its demerger process with the coming November proceeded by the launch of the two firms; the Demerging Company (OCI Fertilizers) and the Demerged Company (Orascom Engineering and Construction).

The Group will inform the Egyptian Financial Supervisory Authority (EFSA) of any further updates about the demerger process, he noted.

 

Commercial International Bank:

Commercial International Bank- Egypt (CIB) (COMI.CA) went down by 1.90% to finish at EGP 33.99.

Telecom Egypt Co.:

Telecom Egypt (ETEL.CA)’s stock decreased by 1.46% to end at EGP 14.17.

Prime Minister Hisham Kandil issued a decree late Saturday, appointing Eng. Omar El Sheikh as a board member at landline monopoly Telecom Egypt (TE), in place of Eng. Akil Beshir who resigned last week.

El Sheikh had worked at Vodafone Egypt.

Telecom Egypt – TE had sent earlier last week a release to the Egyptian Exchange (EGX) announcing that the TE Chairman Akil Beshir resigned from his post and retired as of 01/10/2012. Beshir has served in TE for 12 years.

Beshir had been appointed Chairman and CEO of the Telecom Egypt in June 2000. He passed on his executive duties as CEO in August 2009, becoming non-Executive Chairman.

An official source at Ministry of Communications and Information Technology said that the resignation of Telecom Egypt’s (TE) Chairman Akil Beshir was for personal reasons. It added that a new board member will be appointed by Prime Minister Hisham Qandil, after which a board meeting will be held to elect a new Chairman.

For his part, Beshir indicated that the decision to retire was based on personal reasons, rebutting the rumors that the resignation was due to facing interrogations from the Administrative Control Authority (ACA).