EGX 30 Falls 4.15%, TMGH 9.32% Down On Closing: Decree Repercussions
As the country’s new president ordered Sunday parliament to reconvene, challenging the authority of the military which had ordered it dissolved, the Egyptian Exchange (EGX) has posted massive losses during Monday closing session worth EGP 11.3 billion as the capital market has amounted to EGP 335.267 billion.
The main index, EGX30 dived 4.15% to close at 4698.52 p. EGX20 sank 4.84% to finish at 5385.06 p. At least half of the index’s 30 stocks were suspended for half an hour after they fell by more than the 5 percent allowed under exchange rules during Monday early trading.
Meanwhile, the mid- and small-cap index, the EGX70 sagged 3.96% to conclude at 418.05 p. Price index EGX100 edged down 3.85% to finish at716.06 p.
Traded volume reached 136.296 million securities worth 429.053 million, exchanged through 25.607 thousand transactions.
This was after trading in 173 listed securities; 162 declined and 7 advanced while 4 keeping their previous levels.
Egyptians and Arabs were net buyers seizing 92.09% and 2.25% respectively, of the total markets, with a net equity of EGP 45.443 million and EGP 17.918 million excluding the deals.
The main reason behind EGX30’s fall was that the non-Arab Foreigners were net sellers seizing 5.65% of the total markets, with a net equity of EGP 63.362 million excluding the deals.
Leading Shares:
EGX’s leading shares witnessed collective downwards led by shares of the shares of Talaat Moustafa Group (TMGH.CA) dived to 9.32% to reach EGP 3.99.
Talaat Moustafa Group:
TMG shares poised for the biggest drop since March 2011 after the panel of judges had recommended Sunday the annulment of a revised contract that allowed the government to sell a plot of land to Egypt’s biggest publicly traded real estate developer for its Madinaty project.
Additionally, the shares of Commercial International Bank- Egypt (CIB) (COMI.CA) went down by 5.10% to close at EGP 27.55. The shares owned by Orascom Telecom Holding (OTH) (ORTE.CA) tumbled 4.59% to finish at EGP 3.12.
EFG-Hermes Holding:
The shares of EFG-Hermes Holding (HRHO.CA) have pared morning losses as they plummeted 4.42% to end at EGP 10.60 as the trial of EFG-Hermes Holding SAE (HRHO.CA)’s co-Chief Executive Officers Hassan Heikal and Yasser El Mallawany on charges of market manipulation started today; the Court was adjourned until July 14.
Shares of Orascom Construction Industries (OCIC.CA) inched lower 3.50% to close at EGP 246.79. Shares of Orascom Telecom Media & Technology Holding (OTMT.CA) sagged 1.92% to end at EGP 1.53.
