EGX 30 Ends Below 5615 Pts On Local, Foreign Profit Taking
During Tuesday closing session, the Egyptian Exchange (EGX) has posted losses of EGP 4.226 billion as the capital market has amounted to EGP 391.179 billion.
EGX indices closed in dark red.
The main index, EGX30 dropped by 0.68% to close at 5611.77 p. EGX20 pulled down by 1.07% to end at 6564.3 p.
Meanwhile, the mid- and small-cap index, the EGX70 dived by 3.09% to conclude at 525.17 pts. Price index EGX100 sank by 2.17% to finish at 873.55 p.
Capital market experts attributed this slide to correction that followed the strong rally from 4500 points to 6000 pts.
Traded volume reached 155.485 million securities worth EGP 546.143 million, exchanged through 34.426 thousand transactions.
This was after trading in 182 listed securities; 150 declined 23 advanced while 9 keeping their previous levels.
The EGX’s losses were backed by Egyptians and non-Arab Foreigners ‘ profit-taking process.
Egyptians and non-Arab Foreigners were net sellers seizing 87.3% and 6.89% respectively, of the total markets, with a net equity of EGP 41.126 million and EGP 6.122 million excluding the deals.
On the other hand, Arabs were net buyers seizing 5.81% of the total markets, with a net equity of EGP 47.248 million excluding the deals.
Leading Shares:
EGX’s leading shares witnessed downwards during Tuesday’s closing session.
Citadel Capital:
Citadel Capital (CCAP.CA) sank by 2.16% to end at EGP 4.07.
This was after Golden Sachs had downgraded, in a recent study, on Tuesday Citadel Capital’s stock from ‘Neutral’ to ‘Sell’. Golden Sachs raised the company’s fair value from EGP 3.5 to EGP 4.17, 9% lower than the stock’s current price EGP4.6.
Golden Sachs has attributed the downgrading to ‘Sell’ to the stock’s recent strong rally.
Citadel Capital’s Managing Director announced late Monday that it intends to inject $2.5 billion in a projected oil refinery in east Africa’s third-largest economy Uganda
Uganda has said it intends to build a refinery once it starts producing crude oil, and it recently raised its estimated oil reserves to 3.5 billion barrels from 2.5 billion barrels.
Citadel secured $3.7 billion in financing for an Egyptian petroleum refinery project in June, and the firm’s managing director Karim Sadek said the company is now looking at refining potential deals in sub-Saharan Africa, including Uganda.
“Yes, we would be interested,” Sadek told Reuters in Nairobi, where he addressed a business club. “We know very well what’s happening on the Ugandan oil side and we’ve had discussions before.”
He said Citadel never invests in projects without a local partner, and he would not be drawn on the size of the investment the private equity group might make since the refinery plans are still in their infancy.
Uganda has outlined plans to build a refinery in Hoima, about 220 km west of its capital Kampala, and in July the government said it was aiming to take up to a 40 per cent stake in the plant with a private investor acquiring the remaining 60 per cent.
Uganda says it wants a facility with a maximum output of 120,000 barrels per day before production can commence, and that it intends to develop the project in phases, starting with a refining capacity of 20,000 barrels.
EFG-Hermes:
EFG-Hermes Holding (HRHO.CA) tumbled by 1.94% to conclude at EGP 11.10.
Orascom Telecom Media & Technology Holding:
Orascom Telecom Media & Technology Holding (OTMT.CA) dipped by 1.92% to close at EGP 0.51.
Orascom Telecom Holding:
Orascom Telecom Holding (OTH) (ORTE.CA) inched lower by 0.84% to finish EGP 3.53.
Orascom Construction Industries:
Orascom Construction Industries (OCIC.CA) went down by 0.28% to finish at EGP 278.06.
