EGX 30 Tumbles 1.12%, OTMT 9% Down; Early Wednesday
During Wednesday opening session, the Egyptian Exchange (EGX) has posted early losses of EGP 2.2 billion as the capital market has amounted to EGP 347.680 billion, according to data compiled by Amwal Al Ghad at 11:04 a.m. (09:04 GMT).
The main index, EGX30 tumbled 1.12% to hit 4992.84 p. EGX20 dived 1.36% to reach 5737.04 p.
Meanwhile, the mid- and small-cap index, the EGX70 sank 0.13% to hit 448.32 p. Price index EGX100 declined 047% to reach 769.43 p.
Gunmen killed at least 15 Egyptian policemen late Sunday in an assault on a police station at the border between Egypt and Israel, before seizing two military vehicles and attempting to storm the border.
Israel said its aircraft had fired on one of the commandeered vehicles and that the other had exploded at the border crossing. Israeli forces were combing the area and some of the militants had been killed, the Israeli army said.
Egyptian medical and security sources said that at least 17 Egyptian policemen had been killed and seven wounded in the assault on the police station. Israel said no Israelis were hurt.
“The terrorists who killed the Egyptian security men seized two Egyptian military vehicles and tried to storm the Israeli border,” Ofir Gendelman, a spokesman for Israeli Prime Minister Benjamin Netanyahu, said on Twitter.
“One of the two Egyptian army vehicles exploded and the second was targeted by the Israeli air force in the Kerem Shalom crossing. No injuries on the Israeli side,” he said.
There was no immediate claim of responsibility. Egyptian state television reported that an Islamist militant group was behind the attack.
Traded volume reached 8.169 million securities worth EGP 18.812 million, exchanged through 1.226 transactions.
This was after trading in 77 listed securities; 66 declined 4 advanced while 7 keeping their previous levels.
Egyptians and non-Arab Foreigners were net sellers seizing 90.42% and 6.11% respectively, of the total markets, with a net equity of EGP 660.195 thousand and EGP 372.290 thousand excluding the deals.
On the other hand, Arabs were net buyers seizing 3.48% of the total markets, with a net equity of EGP 1.032 million excluding the deals.
Leading Shares:
EGX’s leading shares witnessed collective downwards led by the shares of Orascom Telecom Media & Technology Holding (OTMT.CA) dived 8.93% to hit EGP 0.51.
Orascom Telecom Holding:
The shares of Orascom Telecom Holding (OTH) (ORTE.CA) sank 3.06% to reach EGP 3.49.
Citadel Capital:
Shares of Citadel Capital (CCAP.CA) tumbled 2.23% to hit EGP 3.07.
Talaat Moustafa Group:
The shares of Talaat Moustafa Group (TMGH.CA) fell 1.64% to reach EGP 4.20.
EFG-Hermes Holding:
The shares of EFG-Hermes Holding (HRHO.CA) plummeted by 1.28% to hit EGP 10.75.
EFG-Hermes shareholders meeting is excepted to be reconvened within this week or next week maximum upon the Egyptian Financial Supervisory Authority (EFSA)’s request so as to conclude its deal with QInvest.
Mona Zulficar, EFG-Hermes Board of Directors chairperson, had announced last Tuesday that upon EFSA’s request, EFG-Hermes will be reconvening its shareholders’ annual meeting within a week or a maximum of 10 days.
“During this meeting, we will provide some additional more detailed disclosures on the QInvest deal and the fate of the minority’s rights after signing the deal … we don’t have something to hide behind the scenes.”Zulficar added
Orascom Construction Industries:
Orascom Construction Industries (OCIC.CA) slumped by 0.92% to reach EGP 270.00.
Commercial International Bank:
The shares of Commercial International Bank- Egypt (CIB) (COMI.CA) went down by 0.50% to hit EGP 27.72.
Sinai Attacks Repercussions:
Egypt launched air strikes near its border with Israel on Wednesday and killed more than 20 suspected Islamic militants, in a crackdown on jihadists blamed for a deadly attack on Egyptian border police, an army official and eyewitnesses said.
The air strikes around the town of Sheikh Zuwaid, 10 km (6 miles) from the Gaza Strip, followed clashes overnight between armed men and security forces at several checkpoints in the north of Egypt’s Sinai region.
Israel said Egypt’s military action was a necessary response to deal with groups threatening security along the isolated desert frontier.
Witnesses in the town said they saw two military planes fly over the area and heard explosions. Other people near the town said they saw three cars bombed.
Troops entered the village of al-Toumah close to Sheikh Zuwaid as part of the operation after the army received information that Islamist militants were staying there, a military commander in Sinai told Reuters.
“We have succeeded in entering al-Toumah village, killed 20 terrorists and destroyed three armoured cars belonging to terrorists. Operations are still ongoing,” he said by telephone.
A large number of SCAF’s members and public figures preyed on the martyrs. The Senior Commander Sami Anan, deputy chairman of SCAF, the former candidate Hamdeen Sabahy and Al Amry Farouk, the state’s minister for sports affairs attended the funeral.
Scores of martyrs’ families who go into pieces attended the funeral in Al Rashdan mosque.
The military and security forces imposed strict security measures around the mosque. The martyrs’ bodies will be transmitted by military airplanes to the Unknown Soldier Memorial in Naser City after the funeral ends.
Dozens of people demonstrated in front of the Israeli ambassador’s residence on Monday night and demanded that relations with Israel be severed following the terror attack on the joint border Sunday night.
One of the demonstrators claimed that “there was no doubt that Israel is behind this (attack). We demand that all diplomatic relations with Israel be terminated.” The protestors also denounced the Egyptian government for failing to respond militarily to the attack.
Reactions by Egyptian political figures, groups and parties to Sunday’s terrorist attack that killed 17 Egyptian border guards and injured seven more near Egypt’s border with the Gaza Strip ranged from anger to sorrow. Many demanded that Egypt’s new president, Mohamed Morsi, push for the amendment of Egypt’s Camp David peace agreement with Israel and the security arrangements stipulated therein.
“What happened in Sinai is a deep wound,” said, Mohamed Mahsoub, the newly-appointed parliamentary affairs minister.
“We must rethink the security arrangements [stipulated in the Camp David agreement] concerning restrictions on the movement of our troops [in the Sinai Peninsula],” Mahsoub said.
The 1979 peace treaty between Egypt and Israel prohibits the former from deploying its armed forces or heavy weapons in the peninsula’s eastern and central regions.
Israel will consider any Egyptian request to deploy additional military forces in the Sinai in an effort to retake control of the peninsula and weed out a global jihad terrorist infrastructure, defense officials said on Monday.
Egyptian security sources said the attackers had used a stolen police vehicle to launch the attack and had fired live ammunition at police officers at the station.
Egyptian President Mohammed Morsi called for an urgent meeting late Sunday with Egypt’s military council to discuss the situation, the Muslim Brotherhood’s party said on Facebook.
Israeli Defense Minister Ehud Barak said Monday the attack showed the need for Egypt to take action to impose security in the Sinai peninsula.
Barak added on Monday that he hoped a deadly cross-border assault in the Sinai would serve as a “wake-up call” to Egypt, long accused by Israel of losing its grip in the desert peninsula.
Hamas Prime Minister in Gaza Ismail Haniyeh accused Israel of “some responsibility” over the terrorist attack in Sinai and Kerem Shalom which killed 16 Egyptian border guards.
Haniyeh said late Monday Israel sought to embarrass the Egyptian leadership and undermine efforts the stop the Gaza blockade. Similar accusations were made by Egypt’s Muslim Brotherhood and Hezbollah.
Hezbollah leader Hassan Nasrallah condemned the terror attack that killed 16 Egyptian patrolmen in Sinai, and hinted that Israel could be responsible for the deadly incident.
Nassrallah, who spoke during a fast-breaking Ramdan dinner in Lebanon, claimed that the circumstances that led to the attack and its intended target remain unclear, and therefore Israel is the primary beneficiary of the incident. He noted that the fact that the act of terror was attributed to Islam is unfortunate.
