EGX Losses EGP 4 Bln, Hermes Shares 9.94% Down; On Controversial Trial Repercussions

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 opening  posted losses of EGP 4.12 billion as the capital market has amounted to EGP 331.354 billion at 9:11 GMT (11:11 local time).

The main index, EGX30 dived 2.40% to hit 4574.17 p.  EGX20 inched 2.65% to reach 5198.44 p.

Meanwhile, the mid- and small-cap index, the EGX70 edged down 1.82% to hit 401.19 p. Price index EGX100 sank 1.83% to hit 718.94 p.

Traded volume reached 9.118 million securities worth EGP 22.403 million, exchanged through 1.708 thousand transactions.

This was after trading in 106 listed securities; 96 declined and 3 advanced while 7 keeping their previous levels.

Egyptians and non-Arab Foreigners were net buyers seizing 73.44% and 18.12% respectively, of the total markets, with a net equity of EGP 914.594 thousand and EGP 693.805 thousand, excluding the deals.

On the other hand, Arabs were net sellers seizing 8.44% of the total markets, with a net equity of EGP 1.608 million excluding the deals.

EGX’s leading shares witnessed collective downwards led by the shares owned by EFG-Hermes Holding (HRHO.CA) which tumbled 9.94% reaching EGP 9.88. shares of Orascom Construction Industries (OCIC.CA) dived 2.87% hitting EGP 252.00.

Shares of Orascom Telecom Holding (OTH) (ORTE.CA) sank 2.24% reaching EGP 3.06. Commercial International Bank- Egypt (COMI.CA) went down 1.06% hitting EGP 24.27. Orascom Telecom Media & Technology Holding (OTMT.CA) also edged down 0.77% reaching EGP 1.29.

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.