EGX30 Falls 0.43%. OTMT 9.80% Up; Early Wednesday

The Egyptian Exchange (EGX) has posted early losses of EGP 1.06 billion as the capital market has reached EGP 351.019 billion according to data compiled by Amwal Al Ghad at 09:09 GMT (11:09 local time).

The main index, EGX30 inched lower 0.08% to hit 4980.16 p.  EGX20 went down 0.32% to reach 5807.71 p.

Meanwhile, the mid- and small-cap index, the EGX70 sagged 0.43% to hit 437.21 p.  Price index EGX100 edged down 0.60% to reach 752.28 p.

Traded volume reached 8.377 million securities worth 22.448 million, exchanged through 1.614 thousand transactions.

This was after trading in 92 listed securities; 67 declined and 12 advanced while 13 keeping their previous levels.

Egyptians and Arabs were net buyers seizing 72.28% and 4.02% respectively, of the total markets, with a net equity of EGP 85.164 thousand and EGP 98.645 thousand excluding the deals.

Non-Arab Foreigners were net sellers seizing 23.71% of the total markets, with a net equity of EGP 183.809 thousand excluding the deals.

EGX’s leading shares witnessed collective downwards except for the shares owned by Orascom Telecom Media & Technology Holding (OTMT.CA) which soared 9.80% to hit EGP 1.68 and of EFG-Hermes Holding (HRHO.CA) which jumped 5.67% to hit EGP 11.55.

EFG-Hermes Sources told Amwal Al Ghad Tuesday that the QInvest deal to seize 60% of the Group stakes will go ahead within the second week of the coming August after receiving the regulatory approvals from six out of nine Arab countries in which Hermes owns offices.

“EFG-Hermes has obtained the Egyptian Financial Supervisory Authority (EFSA)’s approvals regarding QInvest acquisition deal.” The source added

“The shares are up in part because investors believe Planet’s bid will not go through,” Teymour El-Derini, Cairo- based director of Middle East and North Africa sales trading at Naeem Brokerage. “That means the QInvest deal will go through, which means a four-pound dividend.”

On the other hand, shares of Commercial International Bank- Egypt (CIB) (COMI.CA) dived 1.29% to hit EGP 29.01.  Shares of Orascom Telecom Holding (OTH) (ORTE.CA) inched lower 0.92% to reach EGP 3.23. Shares of Orascom Construction Industries (OCIC.CA) edged down 0.57% to reach EGP 256.25.