EGX 30 Hits 5400 Pts, OTMT Soars 4.11%; Midday

The Egyptian Exchange has posted gains of EGP 1.68 billion during the midday session of Sunday backed by the upcoming meeting between the Egyptian Tax Authority and Orascom Construction Industries.

The capital market has amounted to EGP 368.895 billion, according to data compiled by Amwal Al Ghad at 12:42 p.m. Cairo time (10:42 GMT) during Sunday’s midday session.

The EGX indices were in green notes during the midday.

Benchmark EGX30 inched up by 0.66% to 5400.99 p; while EGX20 surged by 0.74% to 6343.76 p.

Meanwhile, the mid- and small-cap index, the EGX70 rose by 0.82 % to 460.63 p.  Price index EGX100 edged up by 0.67% to 776.49 p.

This was after trading in 136 listed securities; 11 declined, 95 advanced; while 30 keeping their previous levels.

During Sunday’s midday session, the trading volume has reached 47.937 million securities worth EGP 101.515 million, exchanged 7.393 thousand transactions.

EGX midday gains were backed by local and Arab net buyers seizing 98% and 0.58% respectively, of the total markets, with a net equity of EGP 7.442 million and EGP 1.611 million excluding the deals.

Meanwhile, the non-Arab foreign were net sellers seizing 1.43% of the total markets, with a net equity of EGP 9.054 million excluding the deals.

For the leading EGX-listed firms’ stocks, Orascom Telecom Media And Technology Holding SAE (OTMT.CA) soared by 4.11% to EGP 0.76.

EFG-Hermes’ stock inched up by 0.36% to EGP 11.16. On Wednesday, the leading investment bank’s CEO Yasser El Mallawany announced the firm is finalizing the tie-up with Qatari QInvest within the coming two months.

El Mallawany has attributed the delay in concluding the takeover deal to the unstable situation of the Egyptian market along with to the lateness for obtaining the governmental as well as the regulatory approvals necessary for the deal completion.

“All the required approvals to conclude the tie-up are on the way.”  El Mallawany noted

Furthermore, Orascom Construction Industries – OCI (OCIC.CA)’s stock rose by 0.17% to EGP 250.00.

Later on Wednesday, OCI N.V.’s subsidiary, Orascom Construction Industries, announced that it has received notification from the Egyptian Tax Authority (ETA) to discuss the alleged tax claim against the Company on Sunday 10 March 2013.

Orascom Telecom Holding SAE (ORTE.CA)’s stock steadies at EGP 4.30.