EGX 30 Hits 4644 Pts, OTMT 9.86% Up On Mohamed Morsi Winning
Amid announcing Dr. Mohamed Morsi as Egypt’s first post-revolution president, the Egyptian Exchange (EGX) went on celebrating through posting gains on early Tuesday amounted to EGP 7.84 billion the capital market has reached EGP 336.368 billion according to data compiled by Amwal Al Ghad as of 9:05 GMT (11:05 local time).
Islamist Mohamed Morsi of the Muslim Brotherhood was elected president of Egypt with 51.7 percent of last weekend’s run-off vote, defeating former general Ahmed Shafiq, the state election committee said on Sunday.
He succeeds Hosni Mubarak, who was overthrown 16 months ago after a popular uprising. The military council which has ruled the biggest Arab nation since then has this month curbed the powers of the presidency, meaning the head of state will have to work closely with the army on a planned democratic constitution.
The main index, EGX30 jumped 3.61% to hit 4644.33 p. EGX20 climbed 4.54% to reach 5343.26 p.
Meanwhile, the mid- and small-cap index, the EGX70 soared 2.35% to hit 419.43 p. Price index EGX100 surged 2.23% to reach 710.31 p.
Traded volume reached 15.040 million securities worth EGP 41.926 million, exchanged through 2.580 thousand transactions.
This was after trading in 108 listed securities; 3 declined and 100 advanced while 5 keeping their previous levels.
Egyptians and Arabs were net sellers seizing 71.85% and 10.75% respectively, of the total markets, with a net equity of EGP 5.397 million and EGP 4.036 thousand excluding the deals
Non-Arab Foreigners were net buyers seizing 17.4% of the total markets, with a net equity of EGP 5.402 million excluding the deals.
The market fell 10 percent over the course of the election on fears it could be derailed or marred by violence. But voting, and the announcement of Morsi’s win against Ahmed Shafik, ousted leader Hosni Mubarak’s last prime minister, passed off peacefully.
“The market is celebrating the lack of violence around this result,” said Mourad. “The market was afraid of clashes on the streets.” Osama Mourad, CEO of Arab Finance Brokerage.
Leading Shares
EGX’s leading shares witnessed collective upwards led by shares of Orascom Telecom Media & Technology Holding (OTMT.CA) which jumped 9.86% to hit EGP 1.56. Shares of EFG-Hermes Holding (HRHO.CA) climbed 8.79% reach EGP 11.01. Shares of Commercial International Bank- Egypt (CIB) (COMI.CA) soared 6.43% to hit EGP 26.00.
Additionally, shares of Orascom Telecom Holding (OTH) (ORTE.CA) surged 3.36% to reach EGP 3.08. Shares of Shares owned by Orascom Construction Industries (OCIC.CA) edged up 1.29% to reach EGP 241.00.
