EGX Gains EGP 247 Mln, OTMT 2.22% Down Amid Court Ruling

Egypt’s Supreme Constitutional Court on Thursday ruled that the Political Isolation Law is unconstitutional and that the means used to elect one third of the seats in parliament – those that had been reserved for individual candidacies – are unconstitutional.

The Egyptian Exchange (EGX) had on Thursday closing posted gains of EGP 247 million  as the capital market has reached EGP 321.309 billion.

The main index, EGX30 inched lower 0.05% to close at 4419.04 p.  EGX20 edged down 0.15% to end at 4987.01 p.

Meanwhile, the mid- and small-cap index, the EGX70 inched higher 0.51% to end at 392.06 p. Price index EGX100 went up 0.09% to finish at 677.62 p.

Traded volume reached 104.221 million securities worth EGP 305.251 million, exchanged through 16.812 thousand transactions.

This was after trading in 168 listed securities; 49 declined and 100 advanced while 19 keeping their previous levels.

Egyptians and  Arabs were net buyers seizing 84.74% and 1.98% respectively, of the total markets, with a net equity of EGP 55.087 million and EGP 567.862 thousand excluding the deals.

On the other hand, non-Arab Foreigners were net sellers seizing 13.28% of the total markets, with a net equity of EGP 55.655 million excluding the deals.

EGX’s leading shares witnessed unsteady performance.

Shares of Orascom Telecom Media & Technology Holding (OTMT.CA) dived 2.22% closing at EGP 1.32. Shares of Commercial International Bank- Egypt (COMI.CA) inched lower  0.62% ending at EGP 24.16. Shares of Orascom Construction Industries (OCIC.CA) dipped 0.17% closing at  242.74.

On the other hand, shares of EFG-Hermes Holding (HRHO.CA) and of Orascom Telecom Holding (OTH) (ORTE.CA) maintained their previous levels closing at EGP 9.99 and EGP 2.94 respectively.

As a result of the court’s ruling, presidential candidate Ahmed Shafik was given the green light on Thursday to run for president. The constitutional court ruled against a law that would have thrown him out of the race.