EGX 30 Falls 0.82%, OTMT 3.70% Down; Early Thursday
During Thursday opening session, the Egyptian Exchange (EGX) has posted early losses of EGP 1.23 billion as the capital market has amounted to EGP 346.212 billion, according to data compiled by Amwal Al Ghad at 12:25 p.m. in Cairo (10:25 GMT).
The main index, EGX30 tumbled 0.82% to hit 4953.75 p. EGX20 dived 1.08% to reach 5672.88 p.
Meanwhile, the mid- and small-cap index, the EGX70 inched lower 0.32% to hit 445.35 p. Price index EGX100 declined 0.37% to reach 765.38 p.
Worth mentioning, EGX has delayed Thursday’s trading session due to the power outage in the Downtown’s general electricity network.
Traded volume reached 13.080 million securities worth EGP 11.703 million, exchanged through 477 transactions.
This was after trading in 39 listed securities; 35 declined 2 advanced while 2 keeping their previous levels.
Egyptians and Arabs were net sellers seizing 78.12% and 7.7% respectively, of the total markets, with a net equity of EGP 2.162 million and EGP 618.261 thousand excluding the deals.
On the other hand, non-Arab Foreigners were net buyers seizing 14.18% of the total markets, with a net equity of EGP 2.780 million excluding the deals.
Leading Shares:
EGX’s leading shares witnessed collective downwards led by the shares of Orascom Telecom Media & Technology Holding (OTMT.CA) which dived by 3.70% to hit EGP 0.52.
Citadel Capital:
Shares of Citadel Capital (CCAP.CA) sank 1.92% to reach EGP 2.99.
Orascom Telecom Holding:
The shares of Orascom Telecom Holding (OTH) (ORTE.CA) tumbled 1.13% to hit EGP 3.49.
Commercial International Bank:
The shares of Commercial International Bank- Egypt (CIB) (COMI.CA) went down by 1.08% to reach EGP 27.50.
EFG-Hermes Holding:
The shares of EFG-Hermes Holding (HRHO.CA) plummeted by 1.03% to reach EGP 10.60.
EFG-Hermes shareholders meeting is excepted to be reconvened within next week maximum upon the Egyptian Financial Supervisory Authority (EFSA)’s request so as to conclude its deal with QInvest.
Mona Zulficar, EFG-Hermes Board of Directors chairperson, had announced last Tuesday that upon EFSA’s request, EFG-Hermes will be reconvening its shareholders’ annual meeting within a week or a maximum of 10 days.
“During this meeting, we will provide some additional more detailed disclosures on the QInvest deal and the fate of the minority’s rights after signing the deal … we don’t have something to hide behind the scenes.”Zulficar added
Orascom Construction Industries:
Orascom Construction Industries (OCIC.CA) slumped by 0.24% to hit EGP 270.00.
Telecom Egypt:
The shares owned by Telecom Egypt (ETEL.CA) maintained Wednesday levels at EGP 12.87.
Landline monopoly Telecom Egypt reported a 25% drop in second-quarter net income on Wednesday, pushed lower by weaker revenue and employee demands for higher pay since the country’s president was overthrown in a popular uprising.
Net income was EGP 613 million ($100.87 million), down from EGP 813 in the second quarter of 2011, the company said in a statement. Revenue fell 7.9%.
Additionally, the working capital dropped to reach EGP 5.704 billion, compared to EGP 6.062 billion a year earlier. Total investments hit EGP 27.298 billion, compared to EGP 28.788 billion.
Furthermore, Telecom Egypt’s standalone business results for Q2/2012 revealed posting net profits of EGP 1.756 billion, a decline of 6.7%, compared to net profits of EGP 1.882 billion during Q2/2011.
Egypt’s economy has been hit by political turmoil since Hosni Mubarak was ousted in February 2011. A new president took office in June but the transition has been marred by violence and rows between political groups and the ruling army.
Investment in infrastructure declined to EGP 125 million from EGP 205 million a year earlier, leaving the company with EGP 4 billion of cash.
