EGX 30 Ends Above 4810 Pts, OTH 3.18% Up; Tuesday

During Tuesday closing session, the Egyptian Exchange (EGX) has posted gains of EGP 3.7 billion as the capital market has amounted to EGP 334.588 billion as Monday’s capital market has been deducted to reach EGP 330.891 billion after considering Orascom Telecom Media & Technology Holding (OTMT.CA)’s dividend.

Orascom Telecom Media will distribute a dividend of 1.05 pounds a share July 19 after the sale of most of its stake in Egyptian Co. for Mobile Services to France Telecom SA (FTE) earlier this year.

The main index, EGX30 soared 1.64% to close at 4818.41 p.  EGX20 jumped 1.97% to end at 5486.31 p.

Meanwhile, the mid- and small-cap index, the EGX70 surged 0.86% to finish at 421.12 p.  Price index EGX100 edged up 0.88% to conclude at 726.93 p.

Traded volume reached 265.815 million securities worth EGP 412.478 million, exchanged through 18.527 transactions.

This was after trading in 167 listed securities; 39 declined 105 advanced while 23 keeping their previous levels.

Egyptians and Arabs  were net buyers seizing 48.75% and 17.47% respectively, of the total markets, with a net equity of EGP 33.289 million and EGP 33.714 million excluding the deals.

On the other hand, the non-Arab Foreigners were net sellers seizing  33.78% of the total markets, with a net equity of EGP 67.004 million excluding the deals.

Leading Shares:

EGX’s leading shares witnessed collective upwards led by the shares of Orascom Telecom Holding (OTH) (ORTE.CA) which soared 3.18% to end at EGP 3.24.

Talaat Moustafa Group:

The shares of Talaat Moustafa Group (TMGH.CA) jumped 3.08% to close at EGP 4.01, set for the biggest daily gain in more than two weeks.

Talaat Mostafa Group Holding (TMG) issued a statement Monday confirming that the recommendation of the advisory committee to the State Judicial Council on invalidating the Madinaty land plot (33.6m sq m) contract is not binding to the court. It highlighted that the judicial panel stated it was a procedural error, which is the responsibility of the government and not TMG.

According to the company, TMG will present the documents to support that it had laid infrastructure on 97.0% of the land plot. TMG clarified that if the judge is to issue an unfavorable ruling, the case will be transferred to another department within the Higher Administrative Court concerned with judgment on the subject matter of the appeal.

Orascom Telecom Media & Technology Holding:

The shares of Orascom Telecom Media & Technology Holding (OTMT.CA) surged 2.50% to conclude at EGP 0.41.

“A lot of the buying we’re seeing today is by retail investors that are finding the stock cheap,” said Hassan Kenawi, equities trader at Cairo-based HC Brokerage. “This should only last for a day or two as the future of the company is still unclear.”

The stock was initiated with a hold recommendation this week by Pharos Holding for Financial Investments. The bank cited a lack of information about Orascom Telecom Media’s strategy and the concentration of its “remaining value in a high-risk asset” in North Korea’s Koryolink. The company owns about 75 percent of the Korean mobile network operator.

EFG-Hermes Holding:

The shares of EFG-Hermes Holding (HRHO.CA) edged up 2.14% to finish EGP 10.99.

Commercial International Bank:

The shares owned by Commercial International Bank- Egypt (CIB) (COMI.CA) inched higher 1.90% to end at EGP 29.01. Egypt’s Finance Ministry said Monday it plans to change its debt issuance strategy to focus on longer-maturity securities. Local banks have been the biggest buyers of the debt since the start of last year’s revolution.

Orascom Construction Industries:

The shares of Orascom Construction Industries (OCIC.CA) rose by 0.61% to close at EGP 252.23.