EGX 30 Dives 5.45%, OTMT 9.62% Down; Presidential Decree Repercussions
As the country’s new president ordered Sunday parliament to reconvene, challenging the authority of the military which had ordered it dissolved, the Egyptian Exchange (EGX) has posted massive losses during Monday early session worth EGP 13.2 billion as the capital market has amounted to EGP 333.395 billion. This was according to data compiled by Amwal Al Ghad at 09:02 GMT (11:02 a.m. in Cairo).
The main index, EGX30 dived 5.45% to reach 4634.79 p. EGX20 sank 6.72% to hit 5278.63 p. At least half of the index’s 30 stocks were suspended for half an hour after they fell by more than the 5 percent allowed under exchange rules.
Meanwhile, the mid- and small-cap index, the EGX70 sagged 3.94% to reach 418.16 p. Price index EGX100 edged down 4.28% to hit 712.87 p.
Traded volume reached 5.013 million securities worth 16.947 million, exchanged through 1.407 thousand transactions.
This was after trading in 136 listed securities; 126 declined and 4 advanced while 6 keeping their previous levels.
Egyptians and Arabs were net buyers seizing 80.34% and 6.14% respectively, of the total markets, with a net equity of EGP 849.657 thousand and EGP 399.922 thousand excluding the deals.
The main reason behind EGX30’s fall was that the non-Arab Foreigners were net sellers seizing 13.53% of the total markets, with a net equity of EGP 1.249 million excluding the deals.
Leading Shares:
EGX’s leading shares witnessed collective downwards led by shares of the shares of Talaat Moustafa Group (TMGH.CA) dived to 10.00% to reach EGP 9.93.
Talaat Moustafa Group:
TMG shares poised for the biggest drop since March 2011 after the panel of judges had recommended Sunday the annulment of a revised contract that allowed the government to sell a plot of land to Egypt’s biggest publicly traded real estate developer for its Madinaty project.
EFG-Hermes Holding:
The shares of EFG-Hermes Holding (HRHO.CA) sank to 9.92% to end at EGP 9.99 as today the Cairo Court will start trial sessions of the ousted president Hosni Mubarak’s sons, Alaa and Gamal, and 7 defendants including Hermes CEO, Yasser Soliman El Mallawany and Hassan Mohamed Hassanein Heikal in Al Watany Bank of Egypt (AWB)’s sales graft case.
Additionally, the shares of Orascom Telecom Media & Technology Holding (OTMT.CA) sagged 9.62% to reach EGP 1.41. Shares of Orascom Construction Industries (OCIC.CA) inched lower 6.94% to reach EGP 238.00. Shares of Commercial International Bank- Egypt (CIB) (COMI.CA) went down by 6.13% to close at EGP 27.25. The shares owned by Orascom Telecom Holding (OTH) (ORTE.CA) tumbled 5.81% to hit EGP 3.08.
