EGX 30 Ends Above 5260 Pts, EFG-Hermes Climbs 0.97% Amid CEO’s Remarks

The Egyptian Exchange (EGX) has pared its midday gains to eventually reach EGP 993 million during Wednesday’s closing session. The capital market has reached to EGP 362.949 billion during Wednesday’s closing.

The EGX indices ended in green notes.

Egypt’s benchmark index EGX30 ended Wednesday’s session on a green note as it rose by 0.42% to close at 5263.13 p; while EGX20 went up by 0.20% to end at 6201.32 p.

Meanwhile, the mid- and small-cap index, the EGX70 surged by 0.44% to conclude at 452.95 pts.  Price index EGX100 inched up by 0.38% to finish at 764.42 p.

During Wednesday’s closing, the trading volume hit 94.479 million securities, less than Tuesday’s 90.056 million securities, representing an increase of 4.423 thousand securities. For the traded value, it reached EGP 375.056 million, exchanged 15.367 thousand transactions.

This was after trading in 163 listed securities; 49 declined, 77 advanced; while 37 keeping their previous levels.

Arabs have backed EGX’s closing gains as they were net buyers seizing 14.45% of the total markets, with a net equity of EGP 72.691 million excluding the deals.

Meanwhile, Egyptians and the non-Arab foreigners were net sellers seizing 48.03% and 37.52% respectively, of the total markets, with a net equity of EGP 12.500 million and EGP 60.191 million excluding the deals.

For the leading EGX-listed firms’ stocks, Orascom Telecom Media And Technology Holding SAE (OTMT.CA) climbed by 1.43% to end at EGP 0.71. OTMT announced on Wednesday that it received today 5th of March 2013 an extension to the management contract of the Lebanese mobile telecommunications operator “Alfa” with the Republic of Lebanon for a period of four additional months commencing on March 01st 2013 and ending on June 30th 2013.

EFG-Hermes’ stock inched up by 0.92% to close at EGP 10.97. This was after its CEO Yasser El Mallawany announced on Wednesday the firm is finalizing the tie-up with Qatari QInvest within the coming two months.

El Mallawany has attributed the delay in concluding the takeover deal to the unstable situation of the Egyptian market along with to the lateness for obtaining the governmental as well as the regulatory approvals necessary for the deal completion.

“All the required approvals to conclude the tie-up are on the way.”  El Mallawany noted

Furthermore, Orascom Construction Industries – OCI (OCIC.CA)’s stock rose by 0.28% to EGP 247.50. Workers at OCI have staged a sit-in on Wednesday morning outside the company’s head office in Corniche El Nil to express their opposition to the government’s arbitrary actions against OCI including the travel ban decree and the tax dues of over EGP 14.7 billion.

The workers said their sit-in is neither against the state nor the government but it is to represent their rejection to the arbitrary actions taken against the OCI.

Later on Wednesday, OCI N.V.’s subsidiary, Orascom Construction Industries, announced that it has received notification from the Egyptian Tax Authority (ETA) to discuss the alleged tax claim against the Company on Sunday 10 March 2013.

Orascom Telecom Holding SAE (ORTE.CA)’s stock dipped by 0.97% to EGP 4.09.

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