EGX 30 Surges 1%; Morsi’s US Visit Week

Egyptian Exchange’s benchmark EGX 30 index rose by 1 % this week, representing an increase of 59.13 points, ending Thursday transactions at 5887.04 points compared to 5827.91 points at the end of last week.

Regarding current week trading, the index hit its highest point on Wednesday closing at 5969.39 points, where its lowest point recorded on Sunday at 5815.40 points.

Main index EGX30 started week in fluctuated and edged 0.21 % lower to close at 5815.40 points on Sunday. Market trade volume reached 212,839,207 shares amounted to EGP 1,567,807,896.

EGX30 extended fluctuated performance and edged 0.27 % higher to close at 5831.10 points on Monday. Market trade volume reached 191,026,270 shares amounted to EGP 1,307,008,788.

The Index returned to strong performance and jumped 2.15 % to close at 5956.44 points on Tuesday. Market trade volume reached 233,435,748 shares amounted to EGP 1,090,710,865.

EGX30 shrunk early gains after hitting 6000 points level since the uprising and edged 0.22 % higher to close at 5969.39 points on Wednesday. Market trade volume reached 212,187,320 shares amounted to EGP 854,933,850.

EGX30 ended week in red area and retreated by 1.38 % to close at 5887.04 points on Thursday. Market trade volume reached 234,068,390 shares amounted to EGP 1,256,804,104.

Companies’ weekly performance highlights:

National Societe Generale Bank (NSGB) – (NSGB.CA) closed last week at EGP 37.63, while closed on Thursday at EGP 43.13 (highest close), climbing by 15 % (EGP 5.5).

Stock lowest close during the week came on Sunday at EGP 37.66.

On Sunday, NSGB announced that it settled Tahrir Square land contract amicably.

It is worth noting that, NSGB sent a release to EGX, stating that it has finalized talks with The Holding Company for Tourism and Hotels and Cinema and settled Tahrir Square contract with the owner company.

On Wednesday, NSGB announced that it is conduction talks to buy National Bank of Egypt’s (NBE) stake in Sogolease Egypt Financial Lease amounting to 160.000 share (20 %).

NSGB added, in a release sent to EGX that, it would disclose a statement in case of completing the deal.

TMG Holding (TMGH.CA) stock closed last week at EGP 5.46, while closed on Thursday at EGP 5.54, increased by 1 % (EGP 0.08).

Stock highest close during the week came on Wednesday at EGP 5.7, while the lowest came on Sunday at EGP 5.46.

On Thursday, TMG stated that news published about talks to obtain EGP 1.2 billion long term finance to fund establishing Mall and commercial club in Madinaty project still under study.

Citadel Capital – (CCAP.CA) closed last week at EGP 4.33, while closed on Thursday at EGP 4.58, jumping by EGP 0.25 (6%).

Stock highest close during the week came on Wednesday at EGP 4.72, while the lowest close came on Monday at EGP 4.37.

On Wednesday, Citadel announced that a key subsidiary of platform company ASEC Holding has signed a technical management agreement with Misr Qena Cement for a second 10-year period.

“We are very pleased to have won renewal of this contract, as we feel that this is a clear endorsement of 10 years’ hard work by ASEC Engineering in Qena,” said ASEC Engineering Chief Executive Officer Mohamed Galal Yakout. “We are looking forward to another decade of providing outstanding service to a trusted business partner.”

Separately, Citadel announced on Wednesday that its portfolio company, Dina for Agricultural Investments SAE (Dina Farms), has secured funding for the expansion of its dairy facilities that will see milk production increase to 80,000 tons per annum in 2013 from the 60,000 tons per annum that it produces.

Raya Holding – (RAYA.CA) closed last week at EGP 6.17, while closed on Thursday at EGP 6.67 jumping 8 % (EGP 0.5).

Stock highest close during the week came on Wednesday at EGP 6.69, while the lowest close came on Sunday at EGP 6.28.

On Monday, Raya declared cash dividends of EGP 0.20 per share payable on 9/10/2012.

Sectors performance:

The most active sectors all through the week were Financial Services, Real Estate, Telecommunications, Construction & Material and, Personal and Household Products.

Real Estate sector achieved total traded value of EGP 895,646,003.

Financial Services came second in terms of performance, as it achieved total traded value of EGP 758,840,002.

Telecommunications sector ranked third in terms of performance, as it achieved total traded value of EGP 428,836,645.

Regarding, Construction & Material it achieved total traded value of EGP 416,157,513.

Finally, Banks, as it achieved total traded value of EGP 335,626,754.

Investors’ Activity:

Local investors led the market activity all through the week, followed by Foreign and Arab investors respectively.

Local investors were the most active buyers this week earning the value of EGP 81,160,334.

Foreign investors were most active sellers this week by the value of EGP 68,239,212.

Arab investors chose also to sell by value of EGP 12,921,121.

Retail & Institutions’ Activity:

Retail activity led the market all through the week as it ranged between 36.61 – 72.35 %.

While Institutions activity ranged during this week between 27.64 – 65.38 %.