EGX 30 Opens 0.22% Lower, Hit 5755 Pts
During Wednesday opening session, the Egyptian Exchange (EGX) has posted early losses of EGP 335 million as the capital market has amounted to EGP 402.507 billion, according to data compiled by Amwal Al Ghad at 11:12 a.m. Cairo time (09:12 GMT).
EGX indices opened in red.
The main index, EGX30 fell by 0.22% to hit 5755.69 p. EGX20 dipped by 0.30% to reach 6743.02 p.
Meanwhile, the mid- and small-cap index, the EGX70 inched lower by 0.09% to hit 540.55 pts. Price index EGX100 went down by 0.07% to reach 888.04 p.
Traded volume reached 11.395 million securities worth EGP 35.525 million, exchanged through 2.497 thousand transactions.
This was after trading in 96 listed securities; 36 declined 28 advanced while 32 keeping their previous levels.
EGX30’s early fall was driven by Arabs’ selling pressures.
Arabs were net sellers seizing 5.69% of the total markets, with a net equity of EGP 304.747 thousand excluding the deals.
On the other hand, Egyptians and non-Arab Foreigners were net buyers seizing 89.79% and 4.53% respectively, of the total markets, with a net equity of EGP 31.794 thousand and EGP 272.954 thousand excluding the deals.
Leading Shares:
EGX’s leading shares witnessed unsteady performance.
Orascom Telecom Media & Technology Holding:
Orascom Telecom Media & Technology Holding (OTMT.CA)’s stock maintained with no change at EGP 0.61.
Orascom Telecom Holding:
Orascom Telecom Holding (OTH) (ORTE.CA) also maintained with no change at EGP 3.70.
The Egyptian Exchange (EGX) has suspended trading for Orascom Telecom Holding’s stock during Tuesday’s opening session. EGX said it awaits OTH’s reply as regards the news about VimpelCom’s plans to sell assets in emerging markets such as Burundi, Zimbabwe and Central African Republic.
As a result, Orascom Telecom Holding announced later on Tuesday that it is conducting a strategic review and valuation to its business in Burundi, Central African Republic and Zimbabwe “to identify, examine and consider a range of strategic alternatives”.
“Those strategic options include, but are not limited to, a sale of all or a material part of the Sub-Saharan African Operations either in one transaction or in a series of transactions,” it added.
The Financial Times reported yesterday that the Russian company has already started talks with potential buyers of its sub-Saharan African units in Burundi (U-Com Burundi) and the Central African Republic (Telecel-RCA). The company is also expected to offload its Zimbabwean business – Telecel Zimbabwe – after resolving outstanding ownership issues.
Orascom Construction Industries:
Orascom Construction Industries – OCI (OCIC.CA)’s stock rose by 0.20% to hit EGP 263.75.
EFG-Hermes:
EFG-Hermes Holding (HRHO.CA) edged down by 0.75% to hit EGP 11.88.
Citadel Capital:
Citadel Capital (CCAP.CA)’s stock inched lower by 0.72% to reach EGP 4.11.
