EGX 30 Edges 0.9% Up In Week

During the last week trading, the Egyptian Exchange has posted gains of EGP one billion as the capital market has hit EGP 387.734 billion at the end of last week, compared to EGP 386.737 billion at the end of a week earlier.

For the benchmark, EGX 30 index edged higher by 0.90 % this week, representing an increase of 50.92 points, ending Wednesday’s transactions at 5662.39 points compared to 5,611.47 points at the end of last week.

Regarding current week trading, the index hit its highest point on Tuesday closing at 5684.25 points, where its lowest point recorded on Sunday at 5610.35 points.

It is worth noting that, Egyptian Stock Exchange announced that next Thursday 15/11/2012 an official vacation on occasion of Hijri New Year. Business will be resumed on Sunday 18/11/2012.

Egyptian stock exchange main index EGX30 started week in fluctuated performance and edged 0.02 lower and close at 5610.35 points on Sunday. Market trade volume reached 78,921,461 shares amounted to LE 641,965,827.

Egyptian stock exchange main index EGX30 extended fluctuated performance and rose by 0.51 to close at 5638.71 points on Monday. Market trade volume reached 108,233,165 shares amounted to LE 329,260,876.

Egypt’s EGX30 Egyptian stock exchange main index EGX30 extended green area and rose by 0.81 to close at 5684.25 points on Tuesday. Market trade volume reached 106,820,591 shares amounted to LE 464,642,512.

Egyptian stock exchange main index EGX30 returned to res area and retreated by 0.38 to close at 5662.39 points on Wednesday. Market trade volume reached 92,362,721 shares amounted to LE 469,193,346.

Companies’ Weekly Performance:

Orascom Telecom Holding – (ORTE.CA) closed last week at LE 3.58, while closed on Wednesday at LE 3.72, upping by LE 0.14 (4 %).

Stock highest close during the week came on Tuesday closing at LE 3.73, while the lowest close came on Sunday at LE 3.61.

On Sunday, Orascom Telecom, controlled by Russia’s VimpelCom, said it had awarded a deal to upgrade its Mobilink mobile phone network in Pakistan, Reuters reported.

It signed a five-year agreement with China’s Huawei Technologies Co Ltd and France’s Alcatel-Lucent to design, purchase, deploy and maintain the next-generation mobile network equipment and supporting services, OT said in a statement.

OT said Mobilink expected the improved capabilities to allow the firm to boost network efficiency and reduce operating costs. The upgrade would enable the firm to offer 3G services once such licenses are issued in Pakistan, it said.

On Monday, shareholders of Orascom Telecom Holding had endorsed – during their ordinary general meeting – the service agreement inked with VimpelCom Ltd. (VIP). They also dropped the unpaid returns from the loan owed by Globalive Wireless Management.

Also on Monday, OTH’s extraordinary general meeting (EGM) approved rebranding the company to Global Telecom Holding, and amending article No. 2 of Articles of Incorporation accordingly.

Orascom reported third-quarter net profit attributable to equity holders of $106 million, reversing a net loss of $1.5 million for the same period a year earlier, the firm said in a statement on Wednesday.

Orascom, which is controlled by Russia’s VimpelCom, said profits were mainly driven by foreign exchange gains.

Revenues for the quarter stood at $885 million, the firm said, while earnings before interest, tax, depreciation and amortization (EBITDA) stood at $425 million. Total subscribers exceeded 85 million, up 14 percent from a year earlier.

Raya Holding – (RAYA.CA) closed last week at LE 5.74, while closed on Wednesday at LE 5.74.

Stock highest close during the week came on Tuesday at LE 5.8, while the lowest close came on Sunday at LE 5.66.

On Tuesday, Raya reported consolidated financial results posting a net profit of LE 13,240,597 for the period from 01/01/2012 till 30/09/2012.

Noting that, it posted net profits of LE 24,536,825 for the same period of the previous year.

On Thursday, Raya announced that it is intending to complete its investment project of smart building in Fifth Settlement by mid-December 2012, Alborsa newspaper reported.

Mohamed Fares, CEO of Raya for Smart Buildings Co., stated that smart buildings projects include 4 projects with total value of LE 700 million

Moreover, he pointed out that 6th of October building will be finalized before the end of first half 2013.

National Societe Generale Bank (NSGB) – (NSGB.CA) stock closed last week at LE 44.43, while closed on Wednesday at LE 43.36 (lowest close), dipping by LE 1.07 (2 %).

Stock highest close during the week came on Monday at LE 45.27.

NSGB shares was suspended on Monday until the bank responds to a report that due diligence on an offer to purchase a controlling stake has been completed, EGX said.

Qatar National Bank has been in talks to buy a controlling stake in NSGB from French bank Societe Generale.

Zawya news service, quoting a person close to the deal, reported on Monday that QNB had completed due diligence and a deal was expected to be completed next week.

QNB officials were not available for comment.

On Tuesday, Societe Generale is nearing the sale of its majority stake in an Egyptian bank to Qatar National Bank (QNB), sources familiar with the matter said, in a move to help shore up the French lender’s capital base, Reuters reported.

QNB, part-owned by Qatar’s sovereign wealth fund, will also make a mandatory offer to minority shareholders for the remaining 23 percent of Egypt’s NSGB, the sources said.

The two deals will value all of NSGB at about $2.6 billion, three sources told Reuters, speaking on condition of anonymity as the matter is not public.

QNB officials were not immediately available to comment, while SocGen declined to comment. In a statement to the Egyptian bourse, NSGB said its parent has made it aware that negotiations with QNB were still ongoing but no price had been determined.

Egyptian Company for Mobile Services (Mobinil) – (EMOB.CA) stock closed last week at LE 156.24, while closed on Wednesday at LE 158.25, upping by LE 2.01 (1 %).

Stock highest close during the week came on Tuesday at LE 159.21, while the lowest close came on Monday at LE 156.69.

On Sunday, EGX administration decided to suspend trade of Mobinil till it respond to EGX inquiries about reports published in a newspaper regarding France Telecom’s statements of its intention to transfer 15 % stake of Mobinil for Egyptian investors.

On Monday, Mobinil sent a reply today to the Egyptian Exchange (EGX)’s inquiries as regards the news that France Telecom (FT) plans to transfer 15% of Mobinil shares to local investors via the bourse trading.

Mobinil stated that, as regards the mandatory takeover bid submitted by MTN Telecom SLR for 100% of the firm’s shares, the Ministry of Communications and Information Technology (MCIT) requested from MT, the owner of 93.5% of Mobinil shares to guarantee, within defined time period and certain terms, that the shareholding of the Egyptian side, or the free float in the Mobinil must not be less than 15% of the company’s shares.

In a filing posted today, Mobinil said , according to available data, MT Telecom is still studying with its advisors all available options and procedures to comply with the above-stated request.

Accordingly, EGX administration decided to resume trading on Mobinil’s stock as of today, Monday, November 12, 2012, at 11:45 a.m. (09:45 GMT).

Regarding Investors’ Activity:

Local investors led the market activity all through the week, followed by Foreign and Arab investors respectively.

Local investors were the most active buyers this week earning the value of L.E 10,219,428.

Foreign investors chose also to buy by value of L.E 6,677,936.

Local investors were most active sellers this week by the value of L.E 16,897,365.

Retail & Institutions’ Activity:

Retail activity led the market all through the week as it ranged between 35.35 – 73.98 %.

While Institutions activity ranged during this week between 26.01 – 64.64 %.