EGX 30 Ends Below 5480 Pts, Assiut Train-Bus Accident Repercussions
During Sunday closing session, the Egyptian Exchange (EGX) has extended posting losses which eventually hit around EGP 10 billion as the capital market has amounted to EGP 377.771 million.
The Egyptian Exchange administration has observed a one-minute of silence for the children killed in Assiut train before starting its trading session on Sunday. About 51 young children were killed on Saturday when a train collided with their bus on a railway crossing in Manfalut, 356 kilometers (220 miles) south of Cairo.
The EGX has delayed its trading session of Sunday for a minute as it started at 10:31a.m. amid high expectations of witnessing downwards due to the current political scene including the Egyptian church and Wafd Party’s withdrawal from the constituent assembly to draft the country’s new constitution.
The EGX indices closed in dark red.
The main index, EGX30 dived by 3.25% to close at 5478.38 p. EGX20 sank by 3.27% to end at 6285.02 p.
Meanwhile, the mid- and small-cap index, the EGX70 pushed down by 3.66% to conclude 497.52 pts. Price index EGX100 dipped by 3.38% to finish at 827.47 p.
Traded volume reached 100.420 million securities worth EGP 279.825 million, exchanged 20.548 thousand transactions.
This was after trading in 180 listed securities; 156 declined 8 advanced while 16 keeping their previous levels.
EGX’s closing losses were driven by Egyptians and non-Arab Foreigners’ selling pressures.
Egyptians and non-Arab Foreigners were net sellers 94.03% and 4.08% respectively, of the total markets, with a net equity of EGP 3.087 million and EGP 7.327 million excluding the deals.
On the other hand, Arabs were net buyers seizing 1.88% of the total markets, with a net equity of EGP 10.414 million excluding the deals.
Leading Shares:
EGX’s leading shares witnessed downwards.
Citadel Capital:
Citadel Capital (CCAP.CA)’s stock tumbled by 4.11% to finish at EGP 3.73.
Citadel Capital announced that GlassRock Insulation Co., a portfolio company of its regional mining platform ASCOM, has successfully completed the commissioning phase of its new glasswool production line. The company has commenced production, marketing and sales of its energy-efficient insulation material in local, regional and international markets.
GlassRock’s total annual production capacity is 50,000 metric tons split as 30,000 metric tons of stonewool and 20,000 metric tons of glasswool. It is now targeting exports to key markets in Europe, North Africa, the Gulf Cooperation Council (GCC) countries and Turkey.
“We are exceptionally proud to be manufacturing these strategic insulation materials, which can be used as both residential thermal insulation and as acoustic insulation,” said GlassRock Insulation Co. CEO Bechir Dardour.
“Our products, whether stonewool or glasswool, can help to significantly reduce the impact of the energy crisis that Egypt is currently facing,” he added.
Orascom Telecom Media & Technology Holding:
Orascom Telecom Media & Technology Holding (OTMT.CA)’s stock edged down by 3.33% to end at EGP 0.58.
The firm announced on Sunday the completion of the negotiations with Orascom Telecom Holding (Global Telecom) (OTH) (ORTE.CA) to sell its entire stake in Med Cable, its fully owned subsidiary.
OTMT added in a filling released Sunday that the two companies agreed the transfer by OTMT to OTH of Med Cable would come into effect at an enterprise value of Euro 12.3 million.
It is worth noting that Karim Beshara, the CEO of OTMT, had made an exclusive statement to Amwal Al Ghad on November 7th announcing that the company is planning to sell Med Cable in Algeria amid more than one year of suspension. He also said OTMT is currently seeking to market Med Cable noting that there are a number of offers to purchase and invest in the cable are under study.
Beshara further told Amwal Al Ghad that suspending operations in Med Cable was due to disputes between OTMT and the Algerian government.
The Algerian government had announced immediately after suspending the operations in Med Cable that OTMT is using the cable for leaking the customers’ information. The CEO of OTMT added that the company cannot reap the benefits from the cable since halting its operations in Algeria. He said the continuous replacement, renewal and maintenance of the Med Cable lower its market value.
Orascom Construction Industries:
Orascom Construction Industries – OCI (OCIC.CA)’s stock pushed down by 3.06% to conclude at EGP 254.44.
EFG-Hermes:
EFG-Hermes Holding (HRHO.CA) fell by 2.68% to close at EGP 10.91.
Tamim Al-Kawari, Deputy CEO of Qatari QInvest said that his company may seek to acquire the remaining stake in EFG-Hermes, other than the 40% stated in the merger contract.
EFG-Hermes Holding owns 40% in the new entity to be launched in tie-up with the Qatari partner.
Al Kawari noted that QInvest will not start talks or enter into official negotiations in this regard except after one year from the signing of the deal next May.
Orascom Telecom Holding:
Orascom Telecom Holding (OTH) (ORTE.CA) went down by 2.15% to close at EGP 3.64.
