EGX 30 Ends Above 5424 Pts, CIB 5.02% Up; Sunday
During Sunday closing session, the Egyptian Exchange (EGX) has extended its remarkable early gains to eventually reach EGP 4.8 billion as the capital market has amounted to EGP 374.026 billion.
The main index, EGX30 soared by 1.74%% to close at 5424.79 p. EGX20 went climbed by 1.90% to finish at 6353.73 p.
Meanwhile, the mid- and small-cap index, the EGX70 inched higher 0.92% to conclude at 499.12 pts. Price index EGX100 surged by 1.11% to end at 840.33 p.
Traded volume reached 203.730 million securities worth EGP 619.034 million, exchanged 33.262 thousand transactions.
This was after trading in 110 listed securities; 12 declined 92 advanced while 6 keeping their previous levels.
The main reason behind EGX30’s upwards was that Arabs and non-Arab Foreigners were net buyers seizing 10.26% and 9.84% respectively, of the total markets, with a net equity of EGP 31.041 million and EGP 12.502 million excluding the deals.
On the other hand, Egyptian investors were net sellers 79.9% of the total markets, with a net equity of EGP 18.539 million excluding the deals.
Leading Shares:
EGX’s leading shares witnessed collective upwards except for the shares of Orascom Telecom Holding (OTH) (ORTE.CA) as they sank by 0.55% to conclude at EGP 3.62.
Commercial International Bank:
Commercial International Bank- Egypt (CIB) (COMI.CA) led EGX upwards as it climbed by 5.02% to close at EGP 31.60.
Capital Intelligence (CI), the international credit rating agency, announced Wednesday that it has affirmed Commercial International Bank (CIB)’s Long and Short-Term Foreign Currency Ratings (FCR) at ‘BB+’ and ‘B’, respectively.
Citadel Capital:
Citadel Capital (CCAP.CA) soared by 2.32% to conclude at EGP 3.53.
Mohab Agena, Head of Technical Analysis at Beltone Financial, said Thursday the stock of Citadel Capital faced resistance at EGP 3.4 , while having current support at EGP 3.2.
Agena advised investors to buy the stock near current price levels and to add more equities after breaking the current key resistance upwards.
Rising above the current level reflects one more step towards EGP 4 mark, a cash-ins area, the analyst said, defining the stop-loss point at EGP 3.1.
EFG-Hermes Holding’s Shareholders Meeting:
EFG-Hermes Holding (HRHO.CA) surged by 1.81% to end at EGP 12.35.
EFG-Hermes board of directors announced the date of the shareholders’ extraordinary meeting.
The board of EFG-Hermes Holding invited Thursday shareholders to attend an extraordinary general meeting on Sunday, 16/09/2012. EFG-Hermes had said Sunday it will announce the date of its extraordinary shareholders meeting with a week.
Shareholders will discuss the board’s report on strategic partnership with Qatari QInvest . They will also look into the fair value report by Grant Thornton, as regards defining fair values of the companies subject to the partnership.
The meeting will be discuss selling Hermes’ brokerage stake to EFG-Hermes Qatar for $250 million.
A dividend plan at EGP 4 per share will also be discussed in the meeting, taking into consideration the relevant stock split or treasury shares repurchase.
The company’s shareholders will further discuss waiving trade mark EFG-Hermes to Hermes Qatar and other relevant activities.
Pharos commented on the news that EFG-Hermes Holding will hold its 2nd extraordinary shareholder meeting (EGM) on Sept. 16th.
Hany Genena, CFA, Head of Research, Pharos Securities Brokerage, stated, “We reiterate our negative views on the deal for current shareholders”. Genena stated that the cash dividend is akin to a liquidation dividend and any possible upgrade in the valuation of the cyclical investment banking, asset management and brokerage businesses due to the recent improvement in market conditions has already been capped by the deal terms and the call option held by Q-Invest on the remaining 40.0% stake.
Orascom Telecom Media & Technology Holding:
Orascom Telecom Media & Technology Holding (OTMT.CA) climbed by 1.75% to finish at EGP 0.58.
Orascom Telecom Media & Technology Holding (OTMT.CA) reported Wednesday its financial results announcing a net profit of EGP 1.430 billion since the inception of the firm till June 30th, 2012.
Operation revenues hit around EGP 1.021 billion, other revenues reached EGP 4.160 million.
Talaat Moustafa Group:
Shares of Talaat Moustafa Group (TMGH.CA) went by 1.51% to end at EGP 4.70.
In its MENA Strategy report, EFG-Hermes said Thursday TMG Holding, SIDPEC and Oriental Weavers are on its MENA Top 20 List.
The report issuer said that foreigners bought 20% of EUR513 million in one-year T-bills sold by Egypt on 28 August, and are also reportedly buying short-tenor EGP T-bills in small volumes.
“We maintain our Neutral weighting on Egyptian equities until this trend is confirmed, believing that we will not see a long-term convergence trade in the Egyptian market until real interest rates fall significantly,” the report issuer said.
Orascom Construction Industries:
Orascom Construction Industries (OCIC.CA) rose by 0.24% to close at EGP 278.25.
