EGX 30 Ends Above 5755 Pts, OCI’s Stock Resumes Trading
During Wednesday closing session, the Egyptian Exchange (EGX) has extended its midday remarkable gains to eventually reach EGP 9.1 billion as the capital market has amounted to EGP 396.657 million.
EGX indices closed in green.
The main index, EGX30 soared by 3.39% to end at 5755.4 p. EGX20 jumped by 3.58% to conclude at 6697.12 p.
Meanwhile, the mid- and small-cap index, the EGX70 climbed by 3.21% to close at 533.85 pts. Price index EGX100 rose by 3.09% to finish at889.29 p.
Traded volume reached 194.081 million securities worth EGP 574.063 million, exchanged through 31.674 thousand transactions.
This was after trading in 176 listed securities; 13 declined 151 advanced while 12 keeping their previous levels.
EGX’s Wednesday gains were backed by Arabs and non-Arab Foreigners’ buying deals.
Arabs and non-Arab Foreigners were net buyers seizing 8.65% and 13.4% respectively, of the total markets, with a net equity of EGP 38.689 million and EGP 5.174 million excluding the deals.
On the other hand, Egyptians were net sellers seizing 77.95% of the total markets, with a net equity of EGP 43.864 million excluding the deals.
Leading Shares:
EGX’s leading shares witnessed upwards.
Citadel Capital:
Citadel Capital (CCAP.CA)’s stock jumped by 4.64% to finish at EGP 4.06.
EFG-Hermes:
EFG-Hermes Holding (HRHO.CA) soared by 3.58% to conclude at EGP 11.85.
Orascom Construction Industries:
Trading has been resumed for Orascom Construction Industries – OCI (OCIC.CA). The stock soared by 2.59% to end at EGP 280.29.
Trading resumption was after OCI has sent clarifications to the EGX.
Commenting on the news published by Amwal Al Ghad, Omar Derwaza – Head of Investor Relations at Orascom Construction Industries (OCI) – has asserted that the Egyptian Tax Authority has called for holding a meeting with the Group officials without mentioning the main reasons behind that request.
Derwaza expected that the meeting will discuss what the Egyptian President Mohamed Morsi had said during October war victory celebrations regarding the five EGX-listed companies which are accused of evading to pay the taxes through the last years.
The EGX Chairman Mohamed Omran said early Wednesday the bourse has suspended trading in Orascom Construction Industries (OCI) – (OCIC.CA)’s stocks awaiting the firm’s comments on the news published by Amwal Al Ghad regarding its EGP 14 billion tax fraud.
Egyptian Tax Authority sources told Amwal Al Ghad that the authority had called the Egyptian tycoon Onsi Sawiris alongside his son Nassif Sawiris to start interrogations regarding Orascom Construction Industries (OCI) – (OCIC.CA)’s evading to pay EGP 14 billion tax dues to the state.
The Egyptian Tax Authority has decided to call the Egyptian tycoon Onsi Sawiris and his son Nassif Sawiris to start interrogations regarding Orascom Construction Industries (OCI) – (OCIC.CA)’s evading to pay EGP 14 billion tax dues to the state.
President Morsi stated Saturday that Egypt is owed about EGP 100 billion by five companies adding that the state is in talks with these entities to have its dues. The President clarified that some of these dues arose from financial irregularities or tax evasions.
The sources further told Amwal Al Ghad that the selling deal of OCI’s Orascom Building Materials Holding to French Lafarge in 2008 has been reviewed referring that the deal has violated the law leading to tax fraud.
It is worth mentioning that OCI sold in 2007 its entire stake in Orascom Building Materials Holding (OBMH) to French Lafarge at $ 12.9 billion.
The tax sources added that OCI had founded Orascom Building and had listed it in the EGX for a short while, transferring to it the Lafarge deal valued at EGP 71 billion.
On the other hand, OCI noted on Monday that the capital gains from selling its entire stakes in the EGX-listed Orascom Building Materials Holding to Lafarge are tax exempt.
Orascom Telecom Holding:
Orascom Telecom Holding (OTH) (ORTE.CA) hiked by 2.31% to end at EGP 3.55.
Orascom Telecom Media & Technology Holding:
Orascom Telecom Media & Technology Holding (OTMT.CA) rose by 1.89% to close at EGP 0.54.
