EGX 30 Inches 0.09% Higher, OCI Falls 0.43%; Midday

The Egyptian Exchange has posted gains of EGP 392 million during midday session on Tuesday backed by local buyers.

The capital market has amounted to EGP 370.509 billion, according to data compiled by Amwal Al Ghad at 12:38 p.m. Cairo time (10:38 GMT) during Tuesday’s midday session.

The EGX indices were in green notes during midday session.

Benchmark EGX30 went up by 0.09% to 5408 p; while EGX20 rose by 0.32% to 6394.3 p.

Meanwhile, the mid- and small-cap index, the EGX70 inched up by 0.22 % to 466.04 p.  Price index EGX100 edged up by 0.11% to 781.13 p.

This was after trading in 142 listed securities; 52 declined, 58 advanced; while 32 keeping their previous levels.

During Tuesday’s midday session, the trading volume has reached 46.563 million securities worth EGP 137.452 million, exchanged 9.240 transactions.

EGX midday gains were backed by local net buyers seizing 75.05% of the total markets, with a net equity of EGP 42.796 million excluding the deals.

Meanwhile,  Arabs and the non-Arab foreign were net sellers seizing 3.1% and 21.85% respectively, of the total markets, with a net equity of EGP 1.097 and EGP 41.699 million excluding the deals.

For the leading EGX-listed firms’ stocks, Orascom Telecom Media And Technology Holding SAE (OTMT.CA) remained with no change at EGP 0.76.

EFG-Hermes’ stock fell by 0.09% to EGP 11.18.

Furthermore, Orascom Construction Industries – OCI (OCIC.CA)’s stock tumbled by 0.43% to EGP 245.50.

OCI said it will be holding a new meeting with the Egyptian Tax Authority’s Anti-Tax Evasion Department next Wednesday, March 13, as part of current investigations over charges of tax evasion in OCI’s deal to sell Orascom Building Materials to French Lafrage.

OCI has met Sunday afternoon with the Egyptian Tax Authority (ETA) starting a new of negotiations over the alleged tax claim against the company.

Sources at Ministry of Finance told Al-Youm Al-Sabei revealed that OCI has submitted to the ETA new documents proving that it paid a large portion of tax, Al Youm El Sabee newspaper reported.

Meanwhile, first-hand sources at OCI denied the news about offering to pay EGP 7 billion end the current tax dispute confirming that the company is committed to its legal rights and will continue talks with the Tax Authority’s Anti-Tax Evasion Department in this regard.