EGX 30 Falls 1.39%, EFG-Hermes 3.29% Up; Wednesday Closing
The Egyptian Exchange (EGX) has extended posting losses to eventually reach of EGP 3.9 billion as the capital market has amounted to EGP 348.177 billion.
The main index, EGX30 sank 1.39% to finish at 4914.94 p. EGX20 dived 1.53% to conclude at 5701.15 p.
Meanwhile, the mid- and small-cap index, the EGX70 sagged 1.17% to close at 433.97 p. Price index EGX100 edged down 1.41% to end at 746.14 p.
Traded volume reached 129.973 million securities worth 388.003 million, exchanged through 25.904 thousand transactions.
This was after trading in 171 listed securities; 118 declined and 40 advanced while 13 keeping their previous levels.
Non-Arab Foreigners and Arabs were net buyers seizing 9.57% and 7.6% respectively, of the total markets, with a net equity of EGP 14.057 million and EGP 20.168 million excluding the deals.
Egyptians were net sellers seizing 82.83% of the total markets, with a net equity of EGP 34.226 million excluding the deals.
Leading Shares:
EGX’s leading shares witnessed collective downwards except for the shares owned by Orascom Telecom Media & Technology Holding (OTMT.CA) which maintained previous levels of EGP 1.53 and of EFG-Hermes Holding (HRHO.CA) which jumped 3.29% to close at EGP 11.29, set for the highest close since May 17.
EFG-Hermes Holding headed for the highest close in almost six weeks after HSBC Holdings Plc’s Middle East unit bought more than a 5 percent stake.
HSBC Bank Middle East Dubai bought about 32.25 million shares at an average of 10.15 Egyptian pounds on June 28 from Dubai Financial Group LLC. The stake was valued at $54 million on the day of the transaction.
The deal “is boosting sentiment for sure,” said Wafik Dawood, director of the institutional sales desk at Cairo-based Mega Investments Securities. “It is a reminder that the company remains solid and trading on cheap multiples.”
EFG-Hermes Sources told Amwal Al Ghad Tuesday that the QInvest deal to seize 60% of the Group stakes will go ahead within the second week of the coming August after receiving the regulatory approvals from six out of nine Arab countries in which Hermes owns offices.
“EFG-Hermes has obtained the Egyptian Financial Supervisory Authority (EFSA)’s approvals regarding QInvest acquisition deal.” The source added
“The shares are up in part because investors believe Planet’s bid will not go through,” Teymour El-Derini, Cairo- based director of Middle East and North Africa sales trading at Naeem Brokerage. “That means the QInvest deal will go through, which means a four-pound dividend.”
On the other hand, shares of Orascom Telecom Holding (OTH) (ORTE.CA) inched lower 1.53% to conclude at EGP 3.21. Shares of Orascom Construction Industries (OCIC.CA) edged down 1.43% to end at EGP 254.04. Shares of Commercial International Bank- Egypt (CIB) (COMI.CA) sagged 1.29% to finish at EGP 29.01.
