EGX 30 Opens Above 5400 Pts Backed By Arab Buyers; OTMT Ups 1.33%

The Egyptian Exchange has opened Monday’s sessions posting gains of EGP 848 million backed by Arab buyers.

The capital market has amounted to EGP 369.794 billion, according to data compiled by Amwal Al Ghad at 11:00 a.m. Cairo time (09:00 GMT) during Monday’s opening session.

The EGX indices opened in green notes on Monday.

Benchmark EGX30 inched up by 0.15% to 5403.05 p; while EGX20 rose by 0.38% to 6364.14 p.

Meanwhile, the mid- and small-cap index, the EGX70 went up by 0.26 % to 462.22 p.  Price index EGX100 edged up by 0.22% to 777.98 p.

This was after trading in 58 listed securities; 2 declined, 30 advanced; while 26 keeping their previous levels.

During Monday’s opening session, the trading volume has reached 6.406 million securities worth EGP 11.759 million, exchanged 756 transactions.

EGX opening gains were backed by Arab net buyers seizing 10.52% of the total markets, with a net equity of EGP 986.828 thousand excluding the deals.

Meanwhile,  Egyptians and the non-Arab foreign were net sellers seizing 73.26% and 16.22% respectively, of the total markets, with a net equity of EGP 490.520 thousand and EGP 496.308 thousand excluding the deals.

For the leading EGX-listed firms’ stocks, Orascom Telecom Media And Technology Holding SAE (OTMT.CA) climbed by 1.33% to EGP 0.76.

EFG-Hermes’ stock inched up by 0.27% to EGP 11.16.

Furthermore, Orascom Construction Industries – OCI (OCIC.CA)’s stock remained with no change during the opening session at EGP 248.84.

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.