EGX Losses EGP 3.2 Bln, Hermes Shares Rebound On Controversial Trial Repercussions; Sunday Closing

Amid rage and anger at the outcome of the trial against deposed Egyptian president Hosni Mubarak, his sons and high-level security officials, the Egyptian Exchange (EGX) had on Sunday’s closing posted losses of EGP 3.2 billion as the capital market has amounted to EGP 333.471 billion.

The main index, EGX30 dived 1.30% to close at 4625.62 p.  EGX20 inched 0.99% to end at 5287.08 p.

Meanwhile, the mid- and small-cap index, the EGX70 edged down 1.38% to finish at 402.98 p. Price index EGX100 sank 1.24% to conclude at 723.23 p.

Traded volume reached 42.204 million securities worth EGP 146.131 million, exchanged through 11.690 thousand transactions.

This was after trading in 158 listed securities; 118 declined and 3 advanced while 16 keeping their previous levels.

Egyptians and Arabs were net buyers seizing 95.48% and 1.08% respectively, of the total markets, with a net equity of EGP 9.395 million and EGP 119.533 thousand excluding the deals.

On the other hand, non-Arab Foreigners were net sellers seizing 3.44% of the total markets, with a net equity of EGP 9.515 million excluding the deals.

EGX’s leading shares witnessed collective downwards except for the shares owned by EFG-Hermes Holding (HRHO.CA) which went up 0.36% reaching EGP 11.01.

Leading EGX’s downwards, shares of Orascom Telecom Holding (OTH) (ORTE.CA) sank 2.24% reaching EGP 3.06.

Shares of Orascom Construction Industries (OCIC.CA) dived 1.57% hitting EGP 253.81. Orascom Telecom Media & Technology Holding (OTMT.CA) also edged down 0.77% reaching EGP 1.29.

Additionally, shares of Commercial International Bank- Egypt (COMI.CA) went down 0.57% hitting EGP 24.39.

Cairo court, headed by Judge Ahmed Refa’at, on Saturday, returns the verdict on the defendants; the toppled president Hosni Mubarak, Mubarak’s sons (Gamal and Alaa), the former interior minister Habib Al-Adly and six of his assistances.

Judge Ahmed Refa’at carried life sentence on both of the toppled president Mubarak and the former interior minister Habib Al-Adly.

As per the former minister’s six assistances proved not guilty, the Judge returned the verdict, as well as Mubarak’s sons, Gamal and Alaa.

The court returned a verdict of not guilty on Mubarak, Gamal and Alaa, and Egyptian businessman Hussein Salim in the cases of corruption and graft.

Protesters angered at the outcome of the trial against deposed Egyptian president Hosni Mubarak, his sons and high-level security officials clashed with police outside the building where the verdicts were read on Saturday, witnesses said.

However, six top police commanders were acquitted of the same charge due to what the judge described as ‘lack of concrete evidence.’

Angry Egyptian demonstrators have gathered in Tahrir Square in the capital, Cairo, for the second day to protest at former dictator Hosni Mubarak’s ‘lenient’ life term.

Chanting slogans during the Sunday morning protests, the demonstrators demanded the execution of the former ruler for his complicity in the killings of at least 900 anti-regime protesters during the country’s historic revolution in February 2011. 
In a final verdict by a Cairo court on Saturday, a life term was handed down to Mubarak and his Interior Minister Habib al-Adli.

Dozens of young Egyptians ransacked Saturday the campaign office of presidential candidate Ahmed Shafiq in Fayoum city south of Cairo on Sunday.