EGX 30 Tumbles 0.06%, OTMT 9.76% Up; Wednesday Opening

During Wednesday opening session, the Egyptian Exchange (EGX) has posted losses of EGP 82 million as the capital market has amounted to EGP 334.588 billion, according to data compiled by Amwal Al Ghad at 09:03 GMT (11:03 a.m. in Cairo).

The main index, EGX30 tumbled 0.06% to hit 4815.55 p.  EGX20 inched higher  0.12% to reach 5492.97 p.

Meanwhile, the mid- and small-cap index, the EGX70 surged 0.24% to hit 422.15 p.  Price index EGX100 edged up 0.01% to reach 726.99 p.

Traded volume reached 1.035 million securities worth EGP 4.956 million, exchanged through 418 transactions.

This was after trading in 46 listed securities; 20 declined 17 advanced while 9 keeping their previous levels.

Non-Arab Foreigners and Arabs  were net sellers seizing 18.66% and 15.02% respectively, of the total markets, with a net equity of EGP 107.947 thousand and EGP 138.690 thousand excluding the deals.

On the other hand, Egyptians were net buyers seizing  66.32% of the total markets, with a net equity of EGP 246.637 thousand excluding the deals.

Leading Shares:

EGX’s leading shares witnessed collective upwards except for the shares of  Orascom Construction Industries (OCIC.CA) which witnessed no change to hit EGP 252.23 and of Commercial International Bank- Egypt (CIB) (COMI.CA) which inched lower 0.86% to reach EGP 28.70.

Orascom Telecom Media & Technology Holding:

The shares of Orascom Telecom Media & Technology Holding (OTMT.CA) led EGX’s upwards by surging 9.76% to hit EGP 0.45.

“A lot of the buying we’re seeing today is by retail investors that are finding the stock cheap,” said Hassan Kenawi, equities trader at Cairo-based HC Brokerage. “This should only last for a day or two as the future of the company is still unclear.”

Orascom Telecom Media will distribute a dividend of 1.05 pounds a share July 19 after the sale of most of its stake in Egyptian Co. for Mobile Services to France Telecom SA (FTE) earlier this year.

The stock was initiated with a hold recommendation this week by Pharos Holding for Financial Investments. The bank cited a lack of information about Orascom Telecom Media’s strategy and the concentration of its “remaining value in a high-risk asset” in North Korea’s Koryolink. The company owns about 75 percent of the Korean mobile network operator.

Talaat Moustafa Group:

The shares of Talaat Moustafa Group (TMGH.CA) soared 1.25% to hit EGP 4.06, set for the biggest daily gain in more than two weeks.

Talaat Mostafa Group Holding (TMG) issued a statement Monday confirming that the recommendation of the advisory committee to the State Judicial Council on invalidating the Madinaty land plot (33.6m sq m) contract is not binding to the court. It highlighted that the judicial panel stated it was a procedural error, which is the responsibility of the government and not TMG.

According to the company, TMG will present the documents to support that it had laid infrastructure on 97.0% of the land plot. TMG clarified that if the judge is to issue an unfavorable ruling, the case will be transferred to another department within the Higher Administrative Court concerned with judgment on the subject matter of the appeal.

Orascom Telecom Holding:

The shares of Orascom Telecom Holding (OTH) (ORTE.CA) edged up 0.31% to reach EGP 3.25.

EFG-Hermes Holding:

The shares of EFG-Hermes Holding (HRHO.CA) went up 0.09% to hit EGP 11.00.