EGX 30 Opens 0.25% Lower, Sunday Opening
During Sunday opening session, the Egyptian Exchange (EGX) has posted early losses of EGP 66 million as the capital market has amounted to EGP 388.528 billion, according to data compiled by Amwal Al Ghad at 11:07 a.m. Cairo time (09:07 GMT).
EGX indices opened mixed.
The main index, EGX30 fell by 0.25% to hit 5560.18 p. EGX20 dipped by 0.41% to reach 6482.48 p.
Meanwhile, the mid- and small-cap index, the EGX70 inched higher by 0.29% to hit 530.2 pts. Price index EGX100 rose by 0.06% to reach 867.79 p.
Traded volume reached 7.130 million securities worth EGP 20.872 million, exchanged through 1.582 thousand transactions.
This was after trading in 78 listed securities; 41 declined 12 advanced while 25 keeping their previous levels.
EGX30’s early dip was driven by Egyptians and non-Arab Foreigners’ selling pressures.
Egyptians and non-Arab Foreigners were net sellers seizing 85.43% and 11.8% respectively, of the total markets, with a net equity of EGP 279.032 thousand and EGP 380.952 thousand excluding the deals.
On the other hand, Arabs were net buyers seizing 2.77% of the total markets, with a net equity of EGP 659.984 thousand excluding the deals.
Leading Shares:
EGX’s leading shares witnessed unsteady performance.
Orascom Telecom Holding:
Orascom Telecom Holding (OTH) (ORTE.CA) went up by 0.56% to reach EGP 3.62.
On Saturday, Vimpelcom announced that it has hired Standard Chartered to advise it on the sale of its businesses in Burundi, Zimbabwe, Central African Republic, Cambodia and Laos, two people familiar with the matter said.
New-York listed Vimpelcom wants to focus on its largest markets of Russia and Italy, while reducing its debt, the people said. The units on the block came to Vimpelcom when it bought a 51 percent stake in Egypt-based Orascom Telecom and all of Italy’s Wind in 2011 for $6 billion.
“The move is part of a wider strategy by the company to review some of their smaller businesses globally and especially in emerging markets,” said a source familiar with the transaction.
“The group has really grown in size post the Orascom deal and there is a feeling that they need to be only in markets which are strategically important and of relevant size.”
EFG-Hermes:
EFG-Hermes Holding (HRHO.CA) rose by 0.09% to hit EGP 11.55.
On Saturday, EFG Hermes said it aims to expand into Turkey, Iraq and Libya and plans to grow its asset management arm by 50 percent after the completion of its joint venture with Qatar’s QInvest, it said on Friday.
EFG-Hermes announced its tie-up with QInvest in May and the deal should close this month, said Kashif Siddiqui, managing director and head of asset management at EFG Hermes, who will be co-CEO of the joint venture.
QInvest will hold 60 percent and EFG’s holding company will own 40 percent of the venture, which will be branded EFG Hermes.
The enlarged business will aim to increase its assets under management to about $5 billion within a couple of years, from $3.4 billion now, Siddiqui said.
The deal will create the biggest investment bank across the Middle East and North Africa (MENA) region and also pull in brokerage and asset management operations.
It plans to expand with the help of $250 million that QInvest is injecting into the venture.
“This deal brings a partner with similar ambitions and deep pockets, and will enable us to penetrate new markets,” Siddiqui told Reuters in an interview in London.
Orascom Telecom Media & Technology Holding:
Orascom Telecom Media & Technology Holding (OTMT.CA)’s stock maintained with no change at EGP 0.59.
Orascom Construction Industries:
Orascom Construction Industries – OCI (OCIC.CA)’s stock edged down by 0.81% to hit EGP 252.60.
Citadel Capital:
Citadel Capital (CCAP.CA)’s stock dropped by 0.77% to reach EGP 3.88.
