EGX 30 Nears 5670 Pts Backed By Arab Buyers
During Tuesday midday session, the Egyptian Exchange (EGX) has posted gains of EGP 1.4 billion as the capital market has amounted to EGP 388.328 million, according to data compiled by Amwal Al Ghad at 12:38 p.m. Cairo time (10:38 GMT).
The EGX indices were in green during midday session.
The main index, EGX30 surged by 0.46% to 5664.38 p. EGX20 rose by 0.54% to 6516.32 p.
Meanwhile, the mid- and small-cap index, the EGX70 inched higher by 0.66% to 516.96 pts. Price index EGX100 edged up by 0.56% to 856 p.
Traded volume reached 43.021 million securities worth EGP 101.436 million, exchanged 6.499 thousand transactions.
This was after trading in 144 listed securities; 30 declined 79 advanced while 35 keeping their previous levels.
EGX’s midday gains were backed by Arabs’ buying transactions.
Egyptians and Arabs were net sellers 79.83% and 3.53% respectively, of the total markets, with a net equity of EGP 2.175 million and EGP 569.472 thousand excluding the deals.
On the other hand, the non-Arab Foreigners were net buyers seizing 16.63% of the total markets, with a net equity of EGP 2.745 million excluding the deals.
Leading Shares:
EGX’s leading shares witnessed upwards.
Orascom Telecom Holding:
Orascom Telecom Holding (OTH) (ORTE.CA) climbed by 1.91% to EGP 3.73.
During their ordinary general meeting held on Monday, shareholders of Orascom Telecom Holding (OTH) (ORTE.CA) endorsed the service agreement inked with VimpelCom Ltd. (VIP). They also dropped the unpaid returns from the loan owed by Globalive Wireless Management.
Meanwhile, OTH’s extraordinary general meeting (EGM) approved rebranding the company to Global Telecom Holding, and amending article No. 2 of Articles of Incorporation accordingly.
Orascom Telecom Media & Technology Holding:
Orascom Telecom Media & Technology Holding (OTMT.CA)’s stock soared by 1.69% to EGP 0.60.
On Tuesday, OTMT.CA has confirmed its interest in selling the Company’s submarine network Med Cable Ltd (Med Cable) in Algeria.
OTMT added in a filling posted on Tuesday that its Board of Directors decided to mandate the company’s Founder Naguib Sawiris alongside the CEO Karim Beshara in order to spearhead the talks on selling Med Cable.
A week earlier, Karim Beshara has revealed to Amwal Al Ghad the company’s intention to sell Med Cable adding that it is currently seeking to market Med Cable noting that there are a number of offers to purchase and invest in the cable are under study.
Beshara further told Amwal Al Ghad that suspending operations in Med Cable was due to disputes between OTMT and Algerian government.
The Algerian government had announced immediately after suspending the operations in Med Cable that OTMT is using the cable for leaking the customers’ information. The CEO of OTMT added that the company cannot reap the benefits from the cable since halting its operations in Algeria. He said the continuous replacement, renewal and maintenance of the Med Cable lower its market value.
Elsewhere, Beshara told Amwal Al Ghad on Monday that the Group is not involved in the OTMT Founder Naguib Sawiris’ takeover offer to purchase a stake in Telecom Italia SpA (TIT).
Beshara further said Sawiris did not offer the purchase deal to Telecom Italia in his capacity as Founder of OTMT, so OTMT has nothing to do with such a deal.
Egyptian billionaire Naguib Sawiris offered as much as 5 billion euros ($6.4 billion) to purchase a stake in Telecom Italia SpA.
Citadel Capital:
Citadel Capital (CCAP.CA)’s stock hiked by 0.78% to EGP 3.88.
Orascom Construction Industries:
Orascom Construction Industries – OCI (OCIC.CA)’s stock increased by 0.71% to EGP 260.00.
EFG-Hermes:
EFG-Hermes Holding (HRHO.CA) went up by 0.36% to EGP 11.22.
On Tuesday, EFG Hermes Research – one of the business lines of EFG-Hermes Holding (HRHO.CA) – has once again managed to hold on to the top spot for five out of the six years that the award has been running, a feat that clearly sets it ahead of the competition.
“Striving for excellence is a given, but in today’s agile business environment it’s more than just a game of knowledge and expertise. Today, being number one means being the first to meet client demand,” said Wael Ziada, Head of Research at EFG Hermes.
“The needs of our clients are constantly evolving, therefore our job is first and foremost to define and meet those needs,” he added.
On Monday, Giza Criminal Court, headed by Judge Mohamed Reda Shawkat, adjourned the consideration of the market manipulation case of which the sons of the ousted president Hosni Mubarak, Alaa and Gamal as well as EFG-Hermes CEO Hassan Heikal face charges alongside 6 other businessmen. The court was adjourned until Saturday 08/12/2012.
